...October 16, 2026 This report does not constitute a rating action. Following solid operating performance in 2025, S&P Global Ratings expects Applegreen to grow further in 2026 and 2027. In 2025, revenue excluding the sold U.K. petrol-filling station (PFS) business grew by about 3.7% to 3.24 billion, compared with 3.12 billion in 2024. This was fueled by like-for-like quick service restaurant (QSR) segment expansion throughout, and by Applegreen's partnership with M&S in Ireland, which significantly grew the convenience segment. Weak consumer sentiment in the U.K. and the U.S., due to overall inflation and high fuel prices, is affecting footfall this year, partly compensated by higher average transaction value and conversion. Nevertheless, we expect Applegreen to expand in 2026 and 2027 through its partnership with M&S in Ireland, the roll-out of new QSR brands in different locations, increased adoption of electric vehicles (EVs), and new concessions. The group was awarded a contract to operate...
