Compass : Presentation slides (CPG FY25 Presentation slides)

25 November 2025

Dominic Blakemore

3

Group Chief Executive Officer

Another great year of strong trading and profit growth...

Organic revenue Operating profit Free cash flow

+8.7%

+11.7%

$2.0bn

Net new business +4.5% Operating margin 7.3% in H2 Increased by 13.5%

...with a positive contribution from M&A

5.7%

Net new business growth in our 4-5% target range...

4.2%

4.5%

4.6%

Pre-pandemic

Post-pandemic

Mainly driven by North America

c.3% p.a.

Broader based with International now growing at a similar rate to North America

Underpinned by our strong client retention rate above 96%

2015-19

FY22 FY23 FY24 FY25

...for the fourth consecutive year

Petros Parras

Group Chief Financial Officer

6

Good progress across all KPIs...

+4.5%

+8.7%

+13.5%

FREE CASH FLOW

OPERATING PROFIT1

ORGANIC REVENUE

+11.7%

NET NEW BUSINESS

...as we deliver profit ahead of revenue growth

Notes: Based on underlying performance at reported exchange rates unless otherwise indicated. See definitions in the supplementary slides.

1 On a constant currency basis 7

Strong organic revenue growth with a contribution from M&A

Organic revenue growth 8.7%

4.5% c.3% c.1% c.1%

$42.1bn

$46.1bn

FY24 revenue at constant currency

Net new Pricing Volume M&A FY25 revenue

Operating profit up nearly 12% in constant currency

$m	FY25	FY24
Revenue	46,127	42,176
Operating profit	3,335	2,998
Operating profit margin	7.2%	7.1%
Net finance costs	(315)	(249)
Profit before tax	3,020	2,749
Tax expense	(770)	(702)
Effective tax rate	25.5%	25.5%
Profit after tax	2,250	2,047
Non-controlling interests	(12)	(10)
Attributable profit	2,238	2,037
Average number of shares (millions)	1,697	1,705
Basic earnings per share (cents)	131.9	119.5
Dividend per share (cents)	65.9	59.8

Interest charge

FY25: increase reflects higher debt due to acquisitions FY26: expected to be c.$350m including Vermaat

Tax

FY26: ETR expected to be unchanged at c.25.5%

EPS

FY25: increased by 11.1% in constant currency

Excellent free cash flow conversion of 88%

$m	FY25	FY24
Operating profit	3,335	2,998
Depreciation and amortisation	1,310	1,147
EBITDA	4,645	4,145
Net capital expenditure	(1,514)	(1,541)
Trade working capital	(28)	202
Lease payments of principal	(265)	(227)
Other	66	63
Operating cash flow	2,904	2,642
Net interest	(290)	(228)
Net tax	(653)	(693)
Other	14	19
Free cash flow	1,975	1,740
Free cash flow conversion	88%	85%

Capex

FY25: 3.3% of underlying revenue

FY26: expected to be c.3.5% of underlying revenue

Working Capital

FY25: in line with guidance

FY26: expected to be broadly neutral

Double-digit profit growth ahead of revenue in both regions...

	ORGANIC REVENUE	OPERATING PROFIT1	OPERATING MARGIN	CLIENT RETENTION
North America	+9%	+11%	8.2%	97%
International	+8%	+13%	6.1%	95%
Group	+9%	+12%	7.2%	96%

...as we balance strong net new and investment

Notes: Based on underlying performance at reported exchange rates unless otherwise indicated. See definitions in the supplementary slides.

1 On a constant currency basis 11

Opportunities to improve margin in both regions...

North America

8.2% margin

Incremental gains through:

• Productivity

• Data

• Technology

Leverage regional and group overhead

Expect continued margin progress

Group

7.2% margin

Increased to 7.3%

in H2 25

International

6.1% margin

Capitalising on investments:

• Growth

• Retention

• Procurement

... with faster progress expected in International

We are capitalising on attractive growth opportunities...

• FY25 leverage 1.4x

• FY26 M&A activity

  • Vermaat (€1.5bn)

  • Bolt-on acquisitions

• Leverage anticipated to be above target range in 2026

  • Peaking at HY26

• Expect to deleverage in FY27

...with our capital allocation model unchanged

Acquisitions

Disposals completed; M&A expected to contribute...

H1 24

H2 24

H1 25

H2 25

FY 26

Argentina Angola China UAE

Brazil

Chile Colombia Mexico Kazakhstan

Disposals

...around 2% to profit growth in 2026

FY26 guidance

Organic Ongoing margin improvement Around 2%1 Operating profit growth around 10%1 revenue growth around 7.0% profit growth from M&A

Notes: Based on underlying performance at reported exchange rates unless otherwise indicated. See definitions in the supplementary slides.

1 On a constant currency basis, includes Vermaat, which is subject to regulatory approval and closing. 15

Dominic Blakemore

16

Group Chief Executive Officer

We combine the best of both worlds: local offers with scale...

LARGE PLAYERS

REGIONAL PLAYERS

Scale

• Procurement

• Technology

• Labour

• Overhead leverage

  Local offer

• Sectorised approach

• Brand portfolio

• Client relationships

• Decentralised model

M&A BENEFITS

Whilst operating in a huge and expanding market...

Large players

Self operated

Around

$360bn

Less than

15% share

Regional players

Business & Industry is our best performing sector...

B&I market size ~$130bn

Self operated ~20%

Regional players ~54%

Large players ~12%

Compass ~14%

• Organic revenue +11%

  • Highest net new growth

• Hugely innovative & dynamic

• Increasing our addressable market

  • Vending

  • New sub-sectors

• Significant growth runway

...as we continue to expand our market opportunity

Volumes are benefiting from increased participation…

• More on-site events

• Employee perk

• Collaboration enabler

Employer recognition of food importance

High quality offer at superior value vs high street

Client subsidies

Menu flexibility

Procurement scale

Not liable for rent, rates or utilities

...as we deliver an even more attractive food proposition

M&A is enhancing our capabilities…

Why acquire

How we decide

Value proposition

Benefits of joining Compass

• Sub-sectorisation

• Fill capability gaps

• Improve our offer

• Entrepreneurial

• Growth potential

• Attractive returns

• Growth

• Synergy benefits

• New talent

• Retain autonomy

• Foodbuy

• Access to expertise

...as we replicate our North American blueprint

We have an established and proven track record...

VENDING

GPO

SECTORISATION

• Roll up strategy

• Mainly small bolt-on deals

• Telemetry & route density

• ROCE > WACC from year 1

• Grown to $4bn revenue

• Increased Foodbuy scale

• Doubled volumes in Regency

• Specialist purchasing

• Extending sectorisation

• Double digit ROCE in Year 2

• Accelerate into new sub-sectors

• HSD revenue growth

• Integration on track

• ROCE > WACC by year 2

  Acquired 1994

  Acquired 2022

  Acquired 2025

  ...having completed many acquisitions over the years

  
  
  

  Vermaat is an exceptional premium food services business...

  • Market leader in the Netherlands

    • Growing presence in France / Germany

  • Outstanding management team

  • Strong retail expertise and tech offer

  • Excellent track record and financials

    • c.€700m revenues

    • Double-digit operating margin

  • Margin & EPS accretive in first full year

Digital, data & AI solutions are key enablers of our strategy

GROUP & REGIONS
Sales excellence	Procurement	Retail	Operations

CLIENTS

CONSUMERS

COLLEAGUES

• Data driven insights

• Optimised service

• Increased participation

• Dynamic pricing

• Product placement

• Omnichannel

  • Operator analytics

  • Hiring automation

  • Labour scheduling

    Providing us with increased confidence in our pipeline...

    ~$360bn

    Total Addressable Market

IMPROVING SALES EXCELLENCE

Research & qualify

Prospecting

Sales Funnel process

Client win

• Optimising each stage of sales funnel

• Improved data coverage and quality

• Track pipeline by region, country and sector

• Automating the bid process

• Monitoring progress - probability / win rates

• Seller nudges

  ...and the sustainability of our growth algorithm

  We are improving our client and consumer offer...

  APPS

  UNATTENDED MARKETS

  FRICTIONLESS

  SMART FRIDGES

  BEVERAGES

  CASHIERLESS CHECKOUT

  
  
  

  c.1,600 PEOPLE IN TECH

  US, UK, FRANCE & INDIA HUBS

  PROPRIETARY SOLUTIONS

  TAILORED TO CLIENTS

  LEVERAGE ACROSS GROUP

  
  
  

  ...and using proprietary AI tools to improve the retail experience

  MORE INTELLIGENT PRICING

DRIVING INCREASED VOLUMES

• Collects local high street prices

• Benchmark our sites vs competition

• Helps demonstrate our value to clients

  
  
  

• Enables better pricing conversations

• Retail optimisation algorithm

• Recommends product, price and space

• Respond to changing consumer tastes

• Better match our offer to demand

  As well as automating day-to-day operations...

  HELPING OUR COLLEAGUES

• Hire c.160,000 people in North America p.a.

• AI assistant 'Olivia'

  • Streamlines hiring processes

  • Automates candidate interactions

  • Screens CVs & schedule interviews

• Now only 20 recruiters

• Intelligent chatbot for front line colleagues

• Answers queries in seconds

• Productivity gains:

  • 10 - 20 hours saved depending on the role

  • 300 - 460 hours per month

  • Savings of c. $160,000 p.a.

HISTORICAL

Step up in our growth algorithm...

NOW

Volumes ~0% Net new ~3%

Organic revenue growth:

~5%

Pricing 1 - 2%

Flat margin

M&A (mainly North America)

MSD profit growth

Pricing 2 - 3% Volumes 'net positive'

Net new 4 - 5%

Organic revenue growth:

Mid-to-high single-digit

Ongoing margin progress

M&A (top ten markets)

HSD profit growth*

* FY26 profit growth expected to be c.10% (including Vermaat)

Supplementary Information