SSP Group: Lowering Estimates After Softer 1H26 and Weaker 2H Trading Momentum

Goldman Sachs has lowered its price target for SSP Group to 165p and maintained a Sell rating following a deceleration in 2H trading growth to 3% linked to the Middle East conflict.

Key Takeaways

• 1.Goldman Sachs maintains a Sell rating and lowers the price target for SSP Group to 165p following softer-than-expected 1H26 results.
• 2.LFL sales growth in current 2H trading has decelerated to approximately 3% from 5.4% in 2Q26, impacted by the Middle East conflict.
• 3.SSP intends to exit approximately one-third of its Continental European Rail business to focus on higher-returning segments and reduce capital requirements.

Table of Contents

• Estimate changes
• SELL
• Key Data
• GS Forecast
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Balance Sheet (£ mn)
• Income Statement (£ mn)
• 1H26 recap: Slightly lower 1H earnings than expected
• Valuation and key risks
• Investment thesis
• Disclosure Appendix

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