Slide 1: Fiscal 2025 Results
Fiscal 2025 Results October 23, 2025 Fiscal 2025 Results - October 23, 2025
Slide 2: Key messages
Introduction Key messages • Pivot to a pure-play: Pluxee spin-off, streamlined portfolio, optimized structure • Strengthened commercial engine: foundation build-up for sustainable performance • Fiscal 2025 results in line with revised guidance • Addressing near-term challenges: remedial action plans
Slide 3: From Fiscal 2022 to Fiscal 2025
01 From Fiscal 2022 to Fiscal 2025 Fiscal 2025 Results - October 23, 2025 3
Slide 4: Pivot to a pure-play food and services company
01 From Fiscal 2022 to Fiscal 2025 Pivot to a pure-play food and services company Simplified Portfolio Geographic Homecare Pluxee 43 countries shareholder evolution reorganization disposal spin-off (vs. 46 in FY22) structure continuing 2022 2023 2024 2025 2026 Inreach expansion in the U.S. China Gru
Slide 5: Refocus on core food and services
01 From Fiscal 2022 to Fiscal 2025 Refocus on core food and services Refocus on Food Value creation Food revenues at 66% Underlying EPS CAGR +14% (vs. 62% in Fiscal 2022) (FY22-FY25) Branded offers now covering ROCE: 9.9% → 13.5% >50% of food revenues (FY22-FY25) (vs. <20% in Fiscal 2022) Transform
Slide 6: Solid commercial progress despite FY25 challenges
01 From Fiscal 2022 to Fiscal 2025 Solid commercial progress despite FY25 challenges Sustained improvement over the cycle FY25 performance varied across regions Retention Development Retention Development Incl. cross-sell Incl. cross-sell 94.5% €1.7bn 94.0% €1.7bn 93.5% €1.4bn 94.5% vs FY24 at €1.9b
Slide 7: Targeted priorities to reignite growth in US higher education
01 From Fiscal 2022 to Fiscal 2025 Targeted priorities to reignite growth in US higher education Remedial actions Status Update Growth lever reorganization Addressing talent scarcity New leadership since Feb 2025 & team reorganization Resetting the foundation Team for growth New performance manageme
Slide 8: Looking ahead
02 Looking ahead Fiscal 2025 Results - October 23, 2025 8
Slide 9: Resilient and well positioned to drive sustainable growth
02 Looking ahead Resilient and well positioned to drive sustainable growth Fiscal 2026 – A transition year Leadership renewal • Addressing Fiscal 2025 commercial challenges Right fit to support Sodexo’s next stage of development • Accelerating our investments in foundations for long-term efficiency
Slide 10: Fiscal 2025 Financial Performance
03 Fiscal 2025 Financial Performance Fiscal 2025 Results - October 23, 2025 10
Slide 11: Fiscal 2025 in line with revised guidance, with solid cash flow
03 Fiscal 2025 financial performance Fiscal 2025 in line with revised guidance, with solid cash flow and resilient underlying EPS Organic Growth Free cash flow +3.3% €459m +3.7% underlying OG1 91% underlying Cash conversion UOP margin Underlying EPS 4.7% €5.37 +10bps YoY €2.70 dividend per share At
Slide 12: Fiscal 2025 Organic revenue growth at +3.3%
03 Fiscal 2025 financial performance Fiscal 2025 Organic revenue growth at +3.3% North Rest of Europe the World America 36% 18% +1.7% +7.5% 46% of FY25 revenues +2.8% of FY25 revenues of FY25 revenues Underlying1 +2.7% 27% 86% 55% Work of North +4.2% of Europe +1.2% of Rest of the World +6.5% Americ
Slide 13: UOP margin up +10 bps at constant currencies
03 Fiscal 2025 financial performance UOP margin up +10 bps at constant currencies UOP UOP Margin UOP Margin change1 North America 645 5.8% - Europe 367 4.3% +20 bps Rest of the World 211 4.9% +20 bps Group 1,139 4.7% +10 bps (1) At constant currencies Please refer to Appendix 8 for Alternative Perfo
Slide 14: Resilient underlying EPS
03 Fiscal 2025 financial performance Resilient underlying EPS In million € FY 2025 FY 2024 Change Change3 Revenues 24,074 23,798 +1.2% +2.9% Other Operating income and expenses: Organic sales growth +3.3% +7.9% -€154m Underlying Operating profit 1,139 1,109 +2.7% +5.0% • Includes -€97m restructuring
Slide 15: Solid free cash flow
03 Fiscal 2025 financial performance Solid free cash flow In million € FY 2025 FY 2024 Free Cash Flow: €459m Operating cash flow(1) 1,200 1,338 • Includes exceptional tax outflow Change in working capital (69) (43) (France tax audit) • Working capital was well contained IFRS 16 Leases outflow (188)
Slide 16: Net debt-to-EBITDA at 1.8x, within our 1–2x target range
03 Fiscal 2025 financial performance Net debt-to-EBITDA at 1.8x, within our 1–2x target range, supporting financial flexibility Net debt within target range Proactive debt management In million € FY 2025 FY 2024 • Repaid: €700m bond (Apr 2025, 0.75% coupon) Gross borrowings 4,777 4,734 • Issued: USD
Slide 17: Outlook
04 Outlook Fiscal 2025 Results - October 23, 2025 17
Slide 18: Accelerating our investments in foundations for long-term efficiency and profitable growth
04 Outlook Accelerating our investments in foundations for long-term efficiency and profitable growth Supply chain Sales & Marketing management Digital & IT foundations Global Business Services • Stronger organic growth • Margin and efficiency improvements Fiscal 2025 Results - October 23, 2025 18
Slide 19: Fiscal 2026 guidance reflects current operational priorities and visibility
04 Outlook Fiscal 2026 guidance reflects current operational priorities and visibility For Fiscal 2026, we expect: • Organic revenue growth to be between +1.5% and +2.5%, reflecting a minimum +2% contribution from pricing, neutral to moderate contribution from both like-for-like volume and net new b
Slide 20: Capital allocation to support near-term execution
04 Outlook Capital allocation to support near-term execution Organic growth in focus Targeted accretive M&A • Opex investments focused on supply chain • Focus on mid-size and bolt-on deals tech, sales & marketing • €300m average per year • Capex spend at 2.5% of revenue • GPO and complementary food
Slide 21: Safety moment / Q&A
Safety 05 Q&A moment Fiscal 2025 Results - October 23, 2025 21
Slide 22: Appendices
06 Appendices Fiscal 2025 Results - October 23, 2025 22
Slide 23: Modelling details for FY2026
06 Appendix 1 Modelling details for FY2026 (At constant exchange rates) Scope change effect Other income Net financial Tax rate on Fiscal 2026 and expenses expenses revenues ~ €-160m ~ €140m c.27% ~+0.5% Fiscal 2025 Results - October 23, 2025 23
Slide 24: Fiscal 2025 Revenue breakdown
06 Appendix 2 Fiscal 2025 Revenue breakdown REVENUES BY REGION (in million euros) FY 2025 FY 2024 Organic Growth External Growth Currency Effect Total Growth North America 11,180 11,111 +2.8% -0.3% -1.8% +0.6% Europe 8,593 8,448 +1.7%(1) -0.4% +0.4% +1.7% Rest of the World 4,301 4,239 +7.5% -0.2% -5
Slide 25: Q4 Fiscal 2025 Revenue breakdown
06 Appendix 3 Q4 Fiscal 2025 Revenue breakdown REVENUES BY REGION (in million euros) Q4 2025 Q4 2024 Organic Growth External Growth Currency Effect Total Growth North America 2,330 2,451 +3.0% -0.2% -7.7% -4.9% Europe 2,082 2,098 -0.5%(1) +0.1% -0.4% -0.8% Rest of the World 1,066 1,074 +9.3% -2.3% -
Slide 26: Fiscal 2025 exchange rates
06 Appendix 4 Fiscal 2025 exchange rates Average rate Closing rate Average rate Average rate FY 25 Closing rate Closing rate 08/31/25 1€ = FY 25 FY 24 vs. FY 24 at 08/31/2025 at 08/31/2024 vs. 08/31/24 U.S. Dollar 1.100 1.082 -1.6% 1.166 1.109 -4.9% Pound Sterling 0.842 0.857 +1.9% 0.867 0.841 -3.0%
Slide 27: Breakdown of Gross Financial debt: €4,757m
06 Appendix 5 Breakdown of Gross Financial debt: €4,757m(1) By currency By maturity £ 7% (in million €) <1 € 53% 816 Year $ 40% 1-3 1,583 Years Average maturity By interest rate 4-5 1,312 of 3.7 years Years at 08/31/2025 5% variable >5 1,046 95% Years fixed Blended cost of debt 2.7% on August 31, 20
Slide 28: Number of shares
06 Appendix 6 Number of shares Company’s share capital AUGUST 31, 2025 FEBRUARY 28, 2025 AUGUST 31, 2024 Company’s share capital, number of shares 147,454,887 147,454,887 147,454,887 Treasury shares 1,522,327 1,104,023 1,064,010 Net number of shares 145,932,560 146,350,864 146,390,877 Number of shar
Slide 29: Growth indicator - Definitions
06 Appendix 7 Growth indicator - Definitions Client Retention Business development Client retention rate is the percentage of prior fiscal year revenue retained Business development rate is the annualized estimated revenue for in this current fiscal year. It is derived by considering prior fiscal ye
Slide 30: Alternative Performance Measure - Definitions
06 Appendix 8a Alternative Performance Measure - Definitions Organic growth Underlying operating margin Organic growth corresponds to the increase in revenue for a given period Underlying operating profit margin corresponds to Underlying Operating (the "current period") compared to the revenue repor
Slide 31: Alternative Performance Measure - Definitions
06 Appendix 8b Alternative Performance Measure - Definitions Blended cost of debt Net debt Blended cost of debt is calculated at period end and is the weighted Net debt is defined as Group borrowing at the balance sheet date, blended of financing rates on borrowings (including derivative financial l
Slide 32: New segment reporting following evolution of the On-site Services organization
06 Appendix 9 New segment reporting following evolution of the On-site Services organization As part of the streamlining of the organization, from Fiscal 2024 some contracts or operations have been reallocated between segments, with main impacts in Europe from Healthcare & Seniors to Education. Rest
Slide 33: APM - Financial ratios definitions & reconciliation
06 Appendix 10 APM - Financial ratios definitions & reconciliation Fiscal 2025 Fiscal 2024 Gross borrowings (a) – operating cash (b) Gearing ratio 70.7% 68.5% Shareholders’ equity and non-controlling interests Gross borrowings (a) – operating cash (b) Net debt ratio 1.8x 1.7x Rolling 12-month (Under
Slide 34: Investor calendar
06 Appendix 11 Investor calendar November 20 BofA EMEA Consumer Conference, Paris (IR only) December 3 Bernstein Annual Pan European Conference, Paris, CFO IR contacts December 4 Morgan Stanley BLT conference, London (IR only) Juliette Klein — Head of IR December 9 CIC Forum by Market Solutions, Par
Slide 35: Sodexo key figures
06 Appendix 12 Sodexo key figures As of August 31, 2025 ▬ Founded in 1966 by Pierre Bellon ▬ As at Aug. 31, 2025, Bellon SA holds 43.8% of capital (58.8% of voting rights) €24.1bn revenues ▬ Our purpose is to create a better everyday for everyone to build a better life for all 426,000 employees 80 m