Sodexo Sa · EURONEXT:SW
Sodexo Sa — FY2026 Earnings Presentation
29 slides from Sodexo Sa's earnings presentation, Oct 23, 2026
Slide 1: Fiscal 2026 Results
Fiscal 2026 Results October 23, 2026 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements relating to Sodexo’s objectives, outlook, prospects, strategy and future performance. Forward-looking statements are statements that are not historical facts. These statements are based on current expectations, assumptions and estimate
Slide 3: Introduction
01 Introduction Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved
Slide 4: Fiscal 2026: a year of reset and action
01 Introduction Fiscal 2026: a year of reset and action • Shift & Grow launched to rebuild foundations and restore competitiveness • Initial actions underway across the Group, focused on commercial momentum, simplification and critical capabilities • Fiscal 2026 organic growth above latest guidance,
Slide 5: Fiscal 2026 delivery slightly ahead of expectations across key metrics
01 Introduction Fiscal 2026 delivery slightly ahead of expectations across key metrics Revenue €24.0bn Client Retention2 94.4% Organic Growth +2.0% Business Development2 7.7% UOP margin 3.4% Free cash flow €379m Net debt to EBITDA ratio 2.4x Dividend per share1 €1.74 1. To be proposed at the Shareho
Slide 6: Rebuild in Fiscal 2026–2027, accelerate from Fiscal 2028
01 Introduction Rebuild in Fiscal 2026–2027, accelerate from Fiscal 2028 Accelerate growth Restore competitiveness Rebuild Simplify & standardize Reignite a high-performance the growth engine the operating model culture Invest decisively in tech Sustainability at the core Fiscal 2026 Results - Octob
Slide 7: Selective portfolio actions to strengthen core activities
01 Introduction Selective portfolio actions to strengthen core activities Targeted acquisitions Selective disposals Scale Strengthen Food offering in Europe Sharpen the portfolio | Singapore | Corporate services, Schools* Healthcare and Education | Sweden | | Spain | Sodexo’s business | Norway | Cor
Slide 8: Fiscal 2026 Financial Performance
02 Fiscal 2026 Financial Performance Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved
Slide 9: Organic growth of +2.0%; reported revenue impacted by FX
02 Fiscal 2026 Financial performance Organic growth of +2.0%; reported revenue impacted by FX c.+0.6% 24,074 c.+2.4% c.-0.3% 23,963 c.-0.7% +0.5% -3.0% Organic Growth: +2.0% Fiscal 2025 Currency M&A Pricing Volume Net new Contract Fiscal 2026 effects reclassification1 1. One-off contract reclassific
Slide 10: Margin at 3.4%, with investment accelerating and review impact easing in H2
02 Fiscal 2026 Financial performance Margin at 3.4%, with investment accelerating and review impact easing in H2 4.7% c.-3bps c.-50bps c.-30bps 3.4% c.-50bps One-off contract reclassification from gross to net accounting (~100bps annualized impact on revenue over the period from January 2026 to Janu
Slide 11: Contrasting regional growth, with margins broadly as expected
02 Fiscal 2026 Financial performance Contrasting regional growth, with margins broadly as expected North Rest of Group America Europe the World Revenues €23,963m €10,491m €8,852m €4,620m Organic Growth +2.0% -1.0% +2.1% +9.7% UOP €810m2 €416m €300m €184m UOP Margin 3.4% 4.0% 3.4% 4.0% UOP Margin cha
Slide 12: Net profit reflects lower UOP and higher restructuring costs
02 Fiscal 2026 Financial performance Net profit reflects lower UOP and higher restructuring costs Change Other op. income and expenses: -€290m In million € FY 2026 FY 2025 Change constant rates • Net scope change impact: €46m Revenues 23,963 24,074 (0.5%) +2.5% • Restructuring: -€216m Organic revenu
Slide 13: Free cash flow driven by higher client investment and positive working capital
02 Fiscal 2026 Financial performance Free cash flow driven by higher client investment and positive contribution from working capital In million € FY 2026 FY 2025 Operating cash flow1 1,091 1,200 Positive working capital contribution Change in working capital 75 (69) • Supported by improving collect
Slide 14: Outlook
03 Outlook Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved
Slide 15: Fiscal 2027 guidance confirmed, Fiscal 2030 ambitions unchanged
03 Outlook Fiscal 2027 guidance confirmed, Fiscal 2030 ambitions unchanged Fiscal 2027 Fiscal 2030 Organic Growth ~ +2% to +3% >+5% Underlying operating profit margin ~ 3.4% >5% Modelling assumptions Fiscal 2027 M&A impact on revenues ~ +1% Other operating income & expenses ~ €240m Net financial exp
Slide 16: Q&A
04 Q&A Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved
Slide 17: Appendices
05 Appendices Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved
Slide 18: Fiscal 2026 and Q4 revenue by geography
05 Appendix 1 Fiscal 2026 and Q4 revenue by geography FISCAL 2026 REVENUES BY GEOGRAPHY (in million euros) FY 2026 FY 2025 Organic Growth External Growth Currency Effect Total Growth North America 10,491 11,180 -1.0% +0.3% -5.5% -6.2% Europe 8,852 8,593 +2.1% +1.7% -0.7% +3.0% Rest of the World 4,62
Slide 19: Fiscal 2026 and Q4 revenue by segment
05 Appendix 2 Fiscal 2026 and Q4 revenue by segment FISCAL 2026 REVENUES BY SEGMENT North America Europe Rest of the World (in million euros) Business & Administrations 2,545 -9.7% 4,790 +1.6% 4,007 +10.2% Sodexo Live! 1,581 +7.3% 710 +2.9% 58 +13.9% Healthcare & Seniors 3,526 +6.5% 2,154 +5.0% 368
Slide 20: Fiscal 2026 exchange rates
05 Appendix 3 Fiscal 2026 exchange rates Average rate Closing rate Average rate Average rate FY 2026 Closing rate Closing rate 08/31/26 1€ = FY 2026 FY 2025 vs. FY 2025 at 08/31/2026 at 08/31/2025 vs. 08/31/25 U.S. Dollar 1.164 1.100 -5.5% 1.160 1.166 +0.5% Pound Sterling 0.869 0.842 -3.1% 0.856 0.8
Slide 21: Debt maturity and liquidity profile
05 Appendix 4 Debt maturity and liquidity profile | Pro forma1 292 Undrawn credit facilities €1.75bn 800 800 maturing July 2031 617 600 €2.23bn 500 517 500 1 431 Cash & cash equivalents FY'27 FY'28 FY'29 FY'30 FY'31 FY'33 FY'35 FY'37 Maturity Amount (in €m equiv.) Instrument Coupon Average maturity
Slide 22: Condensed consolidated statement of financial position at August 31, 2026
05 Appendix 5 Condensed consolidated statement of financial position at August 31, 2026 August 31, August 31, August 31, August 31, (in million euros) 2026 2025 (in million euros) 2026 2025 Non-current assets 8,999 8,524 Shareholders’ equity 3,766 3,786 Current assets excluding cash 4,369 4,234 Non-
Slide 23: Number of shares
05 Appendix 6 Number of shares Company’s share capital August 31, 2026 February 28, 2026 August 31, 2025 Company’s share capital, number of shares 147,454,887 147,454,887 147,454,887 Treasury shares 1,586,875 1,613,572 1,522,327 Net number of shares 145,868,012 145,841,315 145,932,560 Number of shar
Slide 24: Growth indicator | Definitions
05 Appendix 7 Growth indicator | Definitions Client Retention Client retention rate is the percentage of prior fiscal year revenue retained in this current fiscal year. It is derived by considering prior fiscal year value for all contracts for which termination has either been given by Sodexo or rec
Slide 25: Alternative Performance Measure | Definitions
05 Appendix 8 Alternative Performance Measure | Definitions Organic growth Organic growth corresponds to the increase in revenue for a given period (the "current period") compared to the revenue reported for the same period of the prior fiscal year, calculated using the exchange rate for the prior f
Slide 26: APM | Financial ratios definitions & reconciliation
05 Appendix 9 APM | Financial ratios definitions & reconciliation Fiscal 2026 Fiscal 2025 Borrowings (a) – operating cash (b) Gearing ratio 76.1% 70.7% Shareholders’ equity and non-controlling interests Borrowings (a) – operating cash (b) Net debt ratio 2.4 1.8 Rolling 12-month (Underlying) EBITDA (
Slide 27: Investor calendar
05 Appendix 10 Investor calendar November 10, 2026 UBS European Conference, London IR contacts November 18, 2026 BofA EMEA Consumer Conference, Paris Juliette Klein | Head of IR [email protected] December 3, 2026 Morgan Stanley BLT Conference, London Alina Cazacu | ESG IR Lead alina.cazacu@s
Slide 28: Sustainability ratings and indexes
05 Appendix 11 Sustainability ratings and indexes A CCC B BB BBB A AA AAA A D C B A 24.3 40+ 40-30 30-20 20-10 10-0 The Sustainability Yearbook Top-rated in its industry sector Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved | 28 |
Slide 29: Sodexo key figures
05 Appendix 12 Sodexo key figures As of August 31, 2026 ▬ Founded in 1966 by Pierre Bellon ▬ Our purpose is to create a better everyday for everyone to build a better life for all €24.0bn revenues 443,000 employees Share information & ownership Stock exchange Ticker 80 million consumers served daily