Elior Group Sa · EURONEXT:ELIOR
Elior Group Sa — Elior Group Ord — Q2 2026 Earnings Presentation
37 slides from Elior Group Sa's earnings presentation, May 21, 2026
Slide 1: 2026 Half Year Financial Presentation
2026 Half Year Financial Presentation May 20th, 2026 2025-2026 HALF YEAR RESULTS
Slide 2: Disclaimer
Disclaimer This document was prepared by Elior Group for the sole purpose of this update or revisions to any forward-looking statements in this presentation to presentation. This presentation includes only summary information and does reflect any change in expectations or any change in events, condi
Slide 3: Agenda
Agenda Introduction Financial Results Highlights of the Period Outlook & Conclusion Q&A
Slide 4: Elior at a glance
01. INTRODUCTION / HIGHLIGHTS Elior at a glance USA PORT UK LUX GER CHINA REVENUE 24-25 6.15 MD€ EMPLOYEES 133,000 SP FR IT INDIA HK 2025-2026 HALF YEAR RESULTS 4
Slide 5: Contract Catering
01. INTRODUCTION / HIGHLIGHTS Contract Catering 2024 - 2025 Key figures France . Spain . Portugal . Italy . UK . USA . India . HK €4,455 million in revenue (73% of total Group revenue) Approximately BUSINESS & INDUSTRY EVENT CATERING 19 600 Restaurants and points of sale c. 3.3 million guests per da
Slide 6: Multiservices
01. INTRODUCTION / HIGHLIGHTS Multiservices 2024 - 2025 Key figures France . Spain . Portugal . Germany . USA . China €1,683 million in revenue (27% of total Group revenue) TERTIARY & INDUSTRY AERONAUTICS 52 198 employees 26 000 client sites The Multiservices business brings together 4 complementary
Slide 7: Our ambition: to be a leader in contract catering and multiservices
01. INTRODUCTION / HIGHLIGHTS Our ambition: to be a leader in contract catering and multiservices, with a strong local presence Our mission To meet the essential Market Sustainability Our strengths needs of our clients challenges matters and guests: • Meeting new consumer • 69 Impacts, Risks and • 1
Slide 8: Financial Results
Financial Results 2025-2026 HALF YEAR RESULTS
Slide 9: H1 2025-26 – Highlights
02. FINANCIAL RESULTS H1 2025-26 – Highlights Organic Growth Adj. EBITA margin Net result (excluding (excluding exceptional exceptional items) items) +1.3% 3.9% / -20 bps €46m Free Cash-Flow Net Debt/EBITDA Ratio Upgrade of rating by Fitch Ratings (February 26) €9m 3.6x BB- Stable outlook 2025-2026
Slide 10: Organic growth driven by Multiservices…
02. FINANCIAL RESULTS Organic growth driven by Multiservices… Contract catering affected by a delay in the start-up of new contracts Year-on-year revenue bridge (in €m) +43 (+1.3%) -77 (-2.4%) 3,256 6 22 21 -83 3,213 3,179 +0.9% +2.6% +0.2% -2.6% H1 Contract Multiservices H1 Perimeter Forex H1 FY25
Slide 11: … and by price increase
02. FINANCIAL RESULTS … and by price increase Year-on-year revenue bridge (in €m) +43 (+1.3%) RETENTION RATE 2026 2025 91.4% 254 -275 March 31, 2026 90.6% 3,256 44 September 30, 2025 The retention rate 3,213 20 is on the rise 91.0% +0.6% +1.4% +7.9% -8.6% March 31, 2025 again … H1 Volume Price Openi
Slide 12: Margin improvement in Multiservices while Contract catering impacted by exceptional item
02. FINANCIAL RESULTS Margin improvement in Multiservices while Contract catering impacted by exceptional item Contract Catering Multiservices Elior Group -11 +4 -12 124 113 132 120 ADJUSTED 87 95 EBITA 21 17 H1 2025 H1 2026 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2026 -20 +50 -20 BPS BPS BPS 5.2
Slide 13: Delay in openings offset by operational efficiencies
02. FINANCIAL RESULTS Delay in openings offset by operational efficiencies Year-on-year adjusted EBITA bridge (in €m) 18 -27 132 -5 9 -7 120 -25 95 H1 Price rev Operational Openings Closings FX and H1 On-board H1 FY25 & Renego Efficiencies Others FY26 train catering FY26 Actual & Volumes Actual Exc.
Slide 14: Resilient Net Result compared to last year
02. FINANCIAL RESULTS Resilient Net Result compared to last year Simplified income statement (in €m) H1 2025 - 2026 H1 2024 - 2025 YoY Change Revenue 3,179 3,213 -34 Adjusted EBITA 95 132 -37 Adjusted EBITA margin 3.0% 4.1% -110 bps Share based compensation (2) (1) -1 Net amort. of intangible assets
Slide 15: Positive Free Cash-Flow with sustained capex investment
02. FINANCIAL RESULTS Positive Free Cash-Flow with sustained capex investment -173 182 -83 -52 -34 9 -4 H1 Capex Net Change IFRS16 leases Other Cash Items H1 FY26 in OWC payment FY26 Adjusted EBITDA Free Cash-Flow 2025-2025 HALF YEAR RESULTS 15
Slide 16: Slight increase in Net debt…
02. FINANCIAL RESULTS Slight increase in Net debt… Net debt bridge (in €m) -57 9 -1,125 -46 -7 -10 -10 7 -1,182 Sept. 2025 FCF Interests Change in Net Dividends FX and March 2026 Net Debt paid & Debt IFRS16 Acquisitions Other Net Debt financial fees 2025-2026 HALF YEAR RESULTS 16
Slide 17: …remaining comfortably below the covenant
02. FINANCIAL RESULTS …remaining comfortably below the covenant Net debt / EBITDA leverage ratio and covenant test threshold 5,3 4,5 4,5 4,5 4,5 4,1 3,8 3,3 3,3 3,6 March 2024 (*) Sept 2024 March 2025 Sept 2025 March 2026 Covenant (*) Ratio at 31/03/2024 calculated based on a covenant EBITDA of €308
Slide 18: Highlights of the Period
Highlights of the Period 2025-2026 HALF YEAR RESULTS
Slide 19: Upgrade by Fitch Ratings
03. HIGHLIGHTS OF THE PERIOD Upgrade by Fitch Ratings Elior Group's rating SEPT JULY 2024 OCT 2024 JAN 2025 FEB 2026 Fitch Ratings has upgraded Elior rating to BB- with a 2023 stable outlook • Overall improvement in Elior's Issuer Default Rating (IDR) by one notch, from B+ to BB- Fitch • This improv
Slide 20: Early redemption of €159 million in senior notes and placement of €150 million notes
03. HIGHLIGHTS OF THE PERIOD Early redemption of €159 million in senior notes due in July 2026 and placement of €150 million additional senior notes due in 2030 900 Elior Group early redeemed the outstanding 3.750% Senior Notes due in July 2026 800 700 • Issued by the Company on July 8, 2021 600 Eli
Slide 21: Launch of Elior Sport Event
03. HIGHLIGHTS OF THE PERIOD Launch of Elior Sport Event A new strategic growth driver for the group • Tailor-made Catering, Nutrition And Support For Elite Athletes; • Multi-sector Services (Logistics, Cleaning, Reception, Multi-disciplinary Maintenance, Lighting, Crowd Management, Etc.) for Stadiu
Slide 22: Elior launches a premium catering to promote French culinary standards
03. HIGHLIGHTS OF THE PERIOD Elior launches a premium catering to promote French culinary standards A complementary offering to all of the Group's activities • Meet growing demand from its customers for catering services that combine high-quality ingredients, culinary creativity, and exceptional ser
Slide 23: New acquisition to enhance France’s culinary heritage
03. HIGHLIGHTS OF THE PERIOD New acquisition to enhance France’s culinary heritage A source of Exceptional Millennial Natural Mineral Water • Natural mineral water at a depth of 808 meters at the foot of Sainte-Victoire Mountain • Nitrate-free and boasting remarkable mineral content, it is distingui
Slide 24: Deployment of Elior AI strategy in temporary staffing
03. HIGHLIGHTS OF THE PERIOD Deployment of Elior AI strategy in temporary staffing Launch of Briefly by Derichebourg Interim • An AI assistant designed to assist recruiters during their interviews with candidates • Developed in-house by the company's innovation teams in collaboration with HR experts
Slide 25: Business development remains on a positive trajectory
03. HIGHLIGHTS OF THE PERIOD Business development remains on a positive trajectory 293 New major contract signings -171 Cross-selling & 122 Commercial Synergies contributing to ~1/4 of total Gains Gains Losses Net development 2025-2026 HALF YEAR RESULTS 25
Slide 26: Outlook & Conclusions
Outlook & Conclusions 2025-2026 HALF YEAR RESULTS
Slide 27: Updated outlook for FY2025-26
04. OUTLOOK & CONCLUSIONS Updated outlook for FY2025-26 FY 2025-2026E FY 2025-2026E 30/09/2026E ORGANIC REVENUE ADJUSTED EBITA NET DEBT/ EBITDA GROWTH MARGIN RATIO +1% to +2% ≈3.0% ≈3.5x (excluding exceptional item) VS +3% to +4% VS +3.5% to 3.7% VS ≈3.0x and comfortably below 4.5x covenant 27 2025-
Slide 28: Updated other financial considerations for FY2025-26
04. OUTLOOK & CONCLUSIONS Updated other financial considerations for FY2025-26 CAPEX WORKING CAPITAL NON-RECURRING AS % OF REVENUE CHANGE CASH ≈3.0% €0m - €20m <€(10)m 2025-2026 HALF YEAR RESULTS 28
Slide 29: Elior can rely on solid financial foundations and a favorable medium-term outlook
04. OUTLOOK & CONCLUSIONS Elior can rely on solid financial foundations and a favorable medium-term outlook 01 04 A leading position in resilient sectors in a turbulent A contract portfolio that has now been world streamlined and is gradually growing 02 05 A sound financial structure with a debt A b
Slide 30: Q&A
Q&A 2025-2026 HALF YEAR RESULTS
Slide 31: Thank you
Thank you
Slide 32: Appendices
Appendices 2025-2026 HALF YEAR RESULTS
Slide 33: Free Cash Flow Bridge
06. APPENDICES Free Cash Flow Bridge Year-on-year free cash flow bridge (in €m) -196 205 -17 -22 7 -29 2 7 -144 9 H1 Adjusted Capex IFRS16 leases Change in Other Cash Tax Paid Securitization H1 FY25 EBITDA payment OWC from Items & Factoring FY26 Free Cash- operations Free Cash- Flow Flow 2025-2026 H
Slide 34: Reported revenue by operating segment
06. APPENDICES Reported revenue by operating segment Changes in H1 H1 Organic scope of Currency Reported (in € millions) 2025 - 2026 2024 – 2025 Growth consolidation effect Growth Contract Catering 2,320 2,373 0.9% 0.3% -3.5% -2.3% Multiservices 856 833 2.6% 0.3% 0.0% 2.9% Sub-total 3,176 3,206 1.3%
Slide 35: Reported revenue by geographic area
06. APPENDICES Reported revenue by geographic area Changes in H1 H1 Organic scope of Currency Reported (in € millions) 2025 - 2026 2024 – 2025 Growth consolidation effect Growth France 1,593 1,592 0.2% -0.1% 0.0% 0.1% Europe (including UK) 892 895 0.8% 0.0% -1.1% -0.3% Rest of the world 694 726 4.4%
Slide 36: Adjusted EBITA by operating segment
06. APPENDICES Adjusted EBITA by operating segment Year on Year Adjusted EBITA (€m) Year on Year Adjusted EBITA margin (%) change in adjusted change in adjusted EBITA margin H1 2025 - 26 2024 - 25 EBITA (€m) 2025 - 26 2024 – 25 (pts) Contract catering 87 124 (37) 3.8% 5.2% -1.4 pts Multiservices 21
Slide 37: Income tax breakdown
06. APPENDICES Income tax breakdown H1 H1 (in € millions) 2025 – 2026 2024 - 2025 YoY change Tax on added value (CVAE) (4) (4) - Current tax (8) (10) 2 Deferred tax 2 (4) 6 Total income tax (10) (18) 8 2025-2026 HALF YEAR RESULTS 37