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The Food Travel Experts

Presentation structure

• 1. Group highlights

Kate Swann

• 2. Financial review

Jonathan Davies

• 3. Business review

Kate Swann

• 4. Q&A

All

SSP: The Food Travel Experts

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Group highlights

• Good first half performance with operating profit up 29.0% at actual exchange rates,

32.6% at constant currency

• Like for Like sales up 2.8%, net new space growth strong at 7.1%
• Total sales growth including acquisitions 11.9%*
• Strong operating margin growth of 50bps, excluding the acquisition impact of India
• Strategic initiatives, delivering further growth and efficiency
• EPS 5.6p, up 33.3%
• Interim dividend 4.8p, up 50.0% YOY
• Medium term pipeline encouraging

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* At constant currency

Financial review

SSP: The Food Travel Experts

Jonathan Davies, CFO

Interim Results 2018

Group financial overview

SSP: The Food Travel Experts

Change (%) £m H1 2018 H1 2017 Constant Currency Reported FX Rates Revenue 1,177.8 1,072.5 11.9% 9.8% LFL Sales Growth 2.8% 2.9% n/a n/a Operating Profit* 55.2 42.8 32.6% 29.0% Profit Before Tax* 48.7 34.7 n/a 40.3% Earnings per share (p)* 5.6 4.2 n/a 33.3% Net Debt (290.1) (378.8) n/a 23.4%

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*Excludes amortisation of intangible assets created at acquisition of the SSP business by EQT in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.

H1 2018 LFL sales growth 2.8%

SSP: The Food Travel Experts

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% H1 H2 FY17 Q1 Q2 H1

Note: Same store like-for-like sales growth at constant currency

LFL Sales Growth (%YOY)

FY17 H1 FY18 2.9%

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3.3% 3.1% 2.7% 3.0% 2.8%

Revenue growth of 11.9% at constant currency

SSP: The Food Travel Experts

Change at Constant Currency LFL Sales Net Contract Gains/(Losses) Total Revenue UK 0.7% 0.5% 1.2% Continental Europe 2.2% 2.9% 5.1% North America 3.1% 31.1% 34.2% Rest of World (inc India) 10.3% 9.5% 19.8% Group 2.8% 7.1% 9.9% Acquisition Impact India 1.4% Stockheim 0.6% Reported Growth 11.9%

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Operating profit growth of 32.6% at constant currency

SSP: The Food Travel Experts

Operating Profit* Change (%) £m H1 2018 H1 2017 Constant Currency Reported FX Rates UK** 33.4 29.7 12.5% 12.5% Continental Europe 21.8 20.2 9.0% 7.9% North America 6.4 5.6 20.0% 14.3% Rest of World 13.6 4.8 202.1% 183.3% Non-attributable (20.0) (17.5) (14.3)% (14.3)% Group 55.2 42.8 32.6% 29.0%

* Operating profit is underlying, at actual currency ** UK includes Republic of Ireland

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Operating profit margin up by 70 bps (50bps ex acquisition impact of TFS)

SSP: The Food Travel Experts

YOY bps Change £m H1 2018 H1 2017 Constant Currency Reported FX Rates

Revenue 1,177.8 1,072.5 Gross Profit

% Sales

821.5

69.8%

738.8

68.9%

100 90

Labour Costs

% Sales

356.7

30.3%

327.5

30.5%

30 30

Concession Fees

% Sales

222.3

18.9%

195.5

18.2%

(70) (70)

Overheads

% Sales

139.6

11.9%

129.0

12.0%

10 20

Depreciation & Amortisation*

% Sales

47.7

4.1%

44.1

4.1%

Operating Profit*

Operating Margin (%)

55.2

4.7%

42.8

4.0%

70 70

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*Excludes amortisation of intangible assets created at acquisition of the SSP business in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.

Net profit up 35.9%

SSP: The Food Travel Experts

£m H1 2018 H1 2017 Change (%) Operating Profit* 55.2 42.8 29.0% Net Financing Cost* (6.7) (8.8) Share of Associates 0.2 0.7 Profit Before Tax* 48.7 34.7 40.3% Tax* (10.7) (7.6) Non-Controlling Interests (11.1) (7.3) Net Profit* 26.9 19.8 35.9% Earnings per share (p)* 5.6p 4.2p 33.3% Dividend per share (p) 4.8p 3.2p 50.0%

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*Excludes amortisation of intangible assets created at acquisition of the SSP business in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.

Free cash outflow of £6.5m

SSP: The Food Travel Experts

£m H1 2018 H1 2017 Operating Profit* 55.2 42.8 Depreciation & Amortisation* 47.7 44.1 Working Capital (0.5) (19.6) Capital Expenditure (61.5) (61.4) Net Tax (17.6) (14.4) Acquisitions (18.8) (35.0) Other (4.5) (1.6) Operating Cash Flow* (0.0) (45.1) Net Financing Costs (6.1) (7.9) Other (0.4)

• Free Cash Outflow*

(6.5) (53.0)

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*Excludes amortisation of intangible assets created at acquisition of the SSP business in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.

Net debt of £290.1m

SSP: The Food Travel Experts

H1 2018 H1 2017 £m Leverage (Net Debt/EBITDA) £m Leverage (Net Debt/EBITDA) Opening Net Debt (1 October) (262.2) 1.0x (317.4) 1.6x Free Cash Flow (6.5) (53.0) Dividend (23.5) (13.8) Impact of foreign exchange rates 2.3 6.1 Other (0.2) (0.7) Closing Net Debt (31 March) (290.1) 1.1x (378.8) 1.7x

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Financial summary

• Robust LFL sales growth of 2.8%
• Net contract gains strong at 7.1 %
• Acquisitions add a further 2.0%
• Strategic programme delivering strong operating margin growth up 50bps excluding

the acquisition impact of India

• Operating profit up 32.6 % at constant currency
• EPS up 33.3%
• Interim dividend per share of 4.8p, up 50.0%

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Business Review

SSP: The Food Travel Experts

Kate Swann, CEO

Interim Results 2018

SSP business fundamentals

• Multiple structural market growth drivers
• Market leader in attractive channels and regions
• Strong business platform combining international scale and local expertise
• 5 key levers to drive growth and efficiency
• Sales growth, margin expansion and strong cash generation

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Regional update progress since IPO

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• Strong revenue growth since IPO, up 36%
• More balanced business, better geographic

diversification

• Fast growth in North America and ROW, now

c30% of the Group

• Air sector now 62% of SSP
• Further opportunities to grow

Our focus remains on five key levers to deliver value

SSP: The Food Travel Experts

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Optimise our offer to benefit from the positive trends in our markets Grow profitable new space Optimise gross margin and leverage scale benefits Run an efficient and effective business Optimise investment using best practice and shared resource

2 3 4 5

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Optimising our offer

• LFL growth of 2.8% in line with plan
• Geographic diversification helps

mitigate specific country issues

• Underlying medium term positive trends

in travel market remain

• Strategic initiatives continue to deliver

well

SSP: The Food Travel Experts

Areas of Focus

Improve ranges Optimise price and promotion Upselling Maximise use of space Focus on category as well as brand performance 1

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Optimising our offer: Premiumisation with our brand partners

• Premiumisation meets customer demands and

drives ATV

• Travel is a unique sector for many of our partners
• Trial of new “Starbucks Deli” range e.g. artisan

sourdough sandwiches and filled croissants not available on high street

• Trial of new premium – range in Jamie’s Deli, e.g.

premium pizza

• Bespoke premium dishes in Tai Hing e.g. Angus

steak stir fried noodles

• Further opportunities across other categories and

brand partners

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• rder and pay

Optimising our offer: Self-order screens

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• High quality speed of service critical in travel

environment

• Self-order kiosks being trialled in selected QSR units
• Located at front of the unit to encourage

participation

• Kiosks driving service improvements and ATV growth
• Screens guide the customer through menu quickly,

and to optimise add on sales

• Technology being developed with plan to trial in
• ther formats

• rder and pay

1 2 3 4

Grow profitable new space

• Very strong performance, 7.1% net gains
• Successful growth in existing sites, new

sites and new markets

• New contracts/openings will materially

differ from year to year

• Impact on P&L in first year varies based
• n type and timing of openings
• Disciplined approach to new business
• Renewal rate in line with plan

SSP: The Food Travel Experts

Areas of Focus

New units within existing sites Existing markets, new sites New markets High renewal rate 2

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Growing the business – progress since IPO

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• Significant progress since the IPO to develop

internationally

• Asia Pac and North America have seen high

levels of unit and site growth

• Expansion into new countries (e.g. India,

Philippines)

• Brands portfolio has increased
• Investment in Asia and US management
• Future growth opportunity continues

2014 2018 2014 2018

North America

154%

Asia Pac

280%

Sales

New opening: Shenyang airport, China

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• Shenyang airport, NE province
• 17.3 million passengers in 2017
• Double digit passenger growth forecast

in medium term

• 6 airside and landside units, openings

commenced early 2018

• International and local brands: Ajisen

Ramen, Yon Ho Soya Bean, Happy Gimbaq, Gang Zai, Da Qing Hua and Yoshinoya

Da Qing Hua Yon Ho Ajisen Ramen Yoshinoya

Strong progress on new contract wins - including:

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Strong progress on new contract wins - including:

Helsinki

3 units

New York

3 units

Phoenix

9 units

Moscow

9 units

Barcelona

7 units

Portland

1 unit

San Francisco

4 units

Mumbai

5 units

Taipei

3 units

Paris

22 units

Bhubaneswar

7 units

Lucknow

8 units

Guwahati

8 units

Goa

14 units

Seattle

3 units SSP presence

Key:

Contract win: LaGuardia airport, New York

SSP: The Food Travel Experts

• La Guardia airport: nearly 30m passengers annually
• Major plan to redevelop airport
• Initially redevelopment of existing terminal
• Brief to create a sense of place reflecting New York City and State
• Brands include a mix of local brands and concepts

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Further progress optimising gross margin

• Gross margin improved by 100bps
• Increase in food inflation in some

geographies

• Key initiatives continue to deliver good

results

• Good progress on simplification and

standardisation

SSP: The Food Travel Experts

Areas of Focus

Procurement disciplines Simplify and standardise recipes Reduce waste and losses 3

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Gross margin: Automation in Kitchens

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• Automated equipment rollout underway
• New purpose-built central production kitchen at Chicago Midway opened

with full automation package

• Improves labour efficiency, food quality, recipe compliance, portion size

and waste

• Now rolling out into many CPUs, food production kitchens and individual

units

Encouraging progress on operating efficiency

• Labour costs 30bps improvement
• Labour cost pressures continue as expected
• Service optimisation; a major focus in

parallel with forecasting and scheduling

• Further technology being piloted

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Areas of Focus

Service optimisation Improve forecasting and scheduling Employ technology to improve efficiency Improve reporting and accountability

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Operating efficiency: Better Service Planning

SSP: The Food Travel Experts

• BSP better matches labour spend to sales
• BSP business-as-usual in the UK for 12 months and

has delivered: ‒ More efficient labour usage ‒ Improved service levels ‒ More consistent weekly labour spend vs target

• Go live in Norway and Sweden from March 2018,

following successful 26 week pilot

• Proof of concept commenced in America
• BSP pilots in Denmark and Finland commenced,

France and Germany being planned

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More consistent scaling of labour hours with sales….

Labour Sales Labour Sales

BEFORE AFTER

Pilot Week 1 - Tuesday Pilot Final Week - Tuesday Labour hours better aligned to sales trends

… achieved by better matching hours to sales within the day

Example Pilot Unit: Yo Sushi Oslo Central Station

Sales Hours

Summary and outlook

• Strong half year financial performance, profit up 32.6% at constant currency, 29.0% at

actual exchange rates

• Good LFL sales in line with expectations
• Net new openings ahead of plan at 7.1%
• On-going good progress on margin and efficiency
• EPS 5.6p, up 33.3%
• Half year dividend of 4.8p, up 50.0% YOY; special dividend executed in April
• Pipeline encouraging, continued investment in profitable new contracts
• Second half started in line with expectations
• Focus on delivering value for our shareholders

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Q&A

SSP: The Food Travel Experts

Interim Results 2018

Disclaimer

Certain statements in the presentation may constitute “forward-looking statements”. These statements reflect the Company’s current beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and members of its group will operate in and are subject to risks and uncertainties that may cause actual results, performance or achievements to differ materially. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed

• r implied by such forward looking statements.

Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Group operates or in economic or technological trends or conditions. As a result, you are cautioned not to place undue reliance on such forward-looking statements. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Forward-looking statements speak

• nly as of their date and the Company, any other member of the Group, its parent undertakings, the subsidiary undertakings of such

parent undertakings, and any of such person’s respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law or regulatory obligations. It is up to the recipient of this presentation to make its own assessment as to the validity of such forward-looking statements and assumptions. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

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