Compass Group PLC

Hello and thank you for joining today's call, which is a little later than usual as Petros and I are in the US meeting clients and supply chain partners. We delivered another strong quarter with organic revenue growth over 7%, continued excellent client retention of 96% and net new business growth accelerating back into our 4-5% target range. We remain on track to deliver net new business growth at this level, which represents over $2.2 billion for the fifth consecutive year. As such, we're demonstrating our ability to grow consistently at scale over the long term. Our performance reflects the strength of our sector focus model, disciplined execution and strong client demand. We continue to win market share across multiple sectors, supported by a record pipeline. Over the last 12 months, we secured $4.3 billion of new business wins, which is up 16% year-on-year, with around half coming from first-time outsourcing. Business and industry remains our strongest performing sector, delivering double-digit organic growth and more than $2 billion of new business wins. With a record sales season in US education, six of our top 20 biggest wins coming in healthcare, International Sports and Leisure growing double digits and great new account wins in US defense and data centers supporting our progress in DOR. We have broad base growth across all of our sectors. Given our strong execution and continued momentum, we are reiterating our 2026 guidance of above 11% underlying operating profit growth in constant currency. This is being driven by a combination of strong organic revenue growth, acquisitions and ongoing margin contribution. With that, let's open the call up for questions. Over to the operator.

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