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Josh Shan

Vice President and Equity Research Analyst at UBS

Josh Shan is a Vice President and Equity Research Analyst at UBS, specializing in coverage of the U.S. banking sector with a focus on large-cap financial institutions. He covers companies such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, and is noted for his contribution to sector performance reviews and investor education through regular advisor webcasts reaching thousands of professionals. Since joining UBS in the early 2020s, Shan has built a solid reputation for providing incisive investment insights, although specific performance metrics and rankings from platforms like TipRanks have not been publicly disclosed. His professional credentials include FINRA registrations and relevant securities licenses, supporting a career marked by analytical rigor and sector expertise.

Josh Shan's questions to Aramark (ARMK) leadership

Question · Q4 2025

Josh Shan asked about the retention point, specifically if the cadence of contract renewals in 2026 differs from 2025, and inquired if the Major League Baseball dynamic would materially impact the Q1 2026 growth rate in addition to the calendar shift.

Answer

CEO John Zillmer characterized 2026 as a 'normal year' for contract renewals, with no high-impact items, and noted the successful retention and growth of Arizona State, a large higher education contract, in 2025. He confirmed that while Q1 2026 will have fewer MLB playoff games (only the Phillies advanced), the strong overall retention and net new business entering the year should offset this, making the calendar shift the main factor impacting Q1.

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Question · Q4 2025

Josh Shan asked about the impact of the calendar shift on Q1, specifically if the Major League Baseball dynamic would also have a material impact on the growth rate, to ensure accurate baselining.

Answer

CEO John Zillmer (likely referring to CFO Jim Tarangelo's response) confirmed that Q1 2026 would have fewer MLB playoff games compared to Q1 2025 (only the Phillies advanced). However, he stated that strong retention and net new business coming into the year should offset this, leading to a more normal cadence aside from the calendar shift. He reiterated that the main factor impacting Q1 is simply the calendar shift.

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