Sodexo Sa · EURONEXT:SW

Sodexo Sa — H1 FY2026 Earnings Presentation

29 slides from Sodexo Sa's earnings presentation, Apr 10, 2026

Slide 3: Where we stand: strengths and realities
01 From Diagnosis to Action Where we stand: strengths and realities Key strengths Key realities Attractive resilient market Underperformance vs market & peers Global & diversified client portfolio Under-investment in key capabilities People-led service culture Lack of consistency in execution and gu
Slide 4: Root causes go back a long time
01 From Diagnosis to Action Root causes go back a long time Commercial Empowerment Prioritization intensity and decisiveness and focus First half Fiscal 2026 Results - April 10, 2026 - © Sodexo 2026. All rights Reserved 4
Slide 5: Our priorities going forward
01 From Diagnosis to Action Our priorities going forward First steps taken Next priorities • Direct leadership of North America • Align leadership around one execution agenda • Streamlined, execution-focused Global Executive Team • Further simplify structures and operating models • Growth-aligned H2
Slide 6: Recalibrating our FY26 baseline
01 From Diagnosis to Action Recalibrating our FY26 baseline H1 Fiscal 2026 snapshot Fiscal 2026 guidance updated Organic growth: +0.5% to +1% Organic Growth LTM Retention(1) UOP Margin: 3.2% to 3.4% +1.7% 93.4% vs FY’25: 94.0% Reflecting: • Weaker net new business in H1 impacting H2 organic growth U
Slide 8: H1 Organic growth +1.7%; reported revenue impacted by FX
02 First half Fiscal 2026 financial performance H1 Organic growth +1.7%; reported revenue impacted by FX FX headwinds mainly driven by USD 12,475 M&A limited H1 impact; Grupo Mediterránea to contribute from H2 Pricing stable at c.+2.4% c.+0.2% c.+2.4% Volume with active cross-selling, 12,017 and str
Slide 9: Drivers of underlying operating profit margin
02 First half Fiscal 2026 financial performance Drivers of underlying operating profit margin 5.2% -6bps c.-50bps c.-20bps 3.7% c.-70bps H1’25 Currency Operations, Acceleration Review H1’26 effect mix of investments of contracts and leverage and assets First half Fiscal 2026 Results - April 10, 2026
Slide 10: Operational performance by geography
02 First half Fiscal 2026 financial performance Operational performance by geography North Rest of Group America Europe the World Revenues €12,017m €5,395m €4,418m €2,204m Organic Growth +1.7% -1.8% +2.8% +9.2% UOP €442m(2) €268m €147m €72m UOP Margin 3.7% 5.0% 3.3% 3.3% UOP Margin change(1) -140bps
Slide 11: Net profit impacted by operating performance and currencies
02 First half Fiscal 2026 financial performance Net profit impacted by operating performance and currencies Change In million € H1 2026 H1 2025 Change constant rates Revenues 12,017 12,475 (3.7%) +1.6% Organic sales growth +1.7% +3.5% Underlying Operating profit 442 651 (32.1%) (26.5%) Underlying Op
Slide 12: Other Operating Income and Expenses - details
02 First half Fiscal 2026 financial performance Other Operating Income and Expenses - details H1 2026 H1 2025 Restructuring and rationalization costs: -€56m In million € • Reflecting organizational changes, leadership Net scope change impact 6 (5) adjustments, transformation projects Restructuring a
Slide 13: Free cash flow broadly stable year-on-year
02 First half Fiscal 2026 financial performance Free cash flow broadly stable year-on-year In million € H1 2026 H1 2025 Operating cash flow(1) 616 600 Change in working capital (461) (491) IFRS 16 Leases outflow (90) (87) Free Cash Flow: -€243m Net Capex (308) (256) • Working capital reflecting seas
Slide 15: Updated FY26 guidance and key assumptions
03 Outlook Updated FY26 guidance and key assumptions Guidance Modelling details For Fiscal 2026, we expect: Currency effect on Fiscal 2026 revenues(1): ~ -3% • Organic revenue growth between +0.5% and +1%, Scope change effect on Fiscal 2026 revenues: ~ +0.5% reflecting weaker-than-expected first-hal
Slide 18: H1/ Q2 Fiscal 2026 Revenue breakdown
05 Appendix 1 H1/ Q2 Fiscal 2026 Revenue breakdown H1 FISCAL 2026 REVENUES BY REGION (in million euros) H1 2026 H1 2025 Organic Growth External Growth Currency Effect Total Growth North America 5,395 5,977 -1.8% +0.5% -8.4% -9.7% Europe 4,418 4,336 +2.8% +0.2% -1.1% +1.9% Rest of the World 2,204 2,1
Slide 19: H1/ Q2 Fiscal 2026 Segment breakdown
05 Appendix 2 H1/ Q2 Fiscal 2026 Segment breakdown H1 FISCAL 2026 REVENUES BY SEGMENT North America Europe Rest of the World (in million euros) Business & Administrations 1,263 -9.3% 2,433 +2.8% 1,900 +9.1% Sodexo Live! 723 +0.3% 311 +1.1% 29 +20.3% Healthcare & Seniors 1,731 +6.1% 1,035 +6.4% 178 +
Slide 20: H1 Fiscal 2026 exchange rates
05 Appendix 3 H1 Fiscal 2026 exchange rates Average rate Closing rate Average rate Average rate H1 26 Closing rate Closing rate 02/28/26 1€ = H1 26 H1 25 vs. H1 25 at 02/28/2026 at 08/31/2025 vs. 08/31/25 U.S. Dollar 1.171 1.070 -8.6% 1.181 1.166 -1.2% Pound Sterling 0.873 0.834 -4.5% 0.876 0.867 -1
Slide 21: Breakdown of Gross Financial debt: €4,739m
05 Appendix 4 Breakdown of Gross Financial debt: €4,739m(1) By currency By maturity £ 6% (in million €) <1 € 55% 814 Year $ 39% 1-3 1,579 Years Average maturity By interest rate 4-5 of 3.2 years 1,308 Years at February 28th, 2026 5% variable >5 1,038 95% Years fixed Blended cost of debt 2.7% on Febr
Slide 22: Condensed consolidated statement of financial position
05 Appendix 5 Condensed consolidated statement of financial position at February 28, 2026 FEBRUARY 28, AUGUST 31, FEBRUARY 28, AUGUST 31, (in million euros) 2026 2025 (in million euros) 2026 2025 Non-current assets 8,830 8,524 Shareholders’ equity 3,599 3,786 Current assets excluding cash 4,794 4,23
Slide 23: Number of shares
05 Appendix 6 Number of shares Company’s share capital FEBRUARY 28, 2026 AUGUST 31, 2025 FEBRUARY 28, 2025 Company’s share capital, number of shares 147,454,887 147,454,887 147,454,887 Treasury shares 1,613,572 1,522,327 1,104,023 Net number of shares 145,841,315 145,932,560 146,350,864 Number of sh
Slide 24: Growth indicator - Definitions
05 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 25: Alternative Performance Measure - Definitions
05 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 26: Alternative Performance Measure - Definitions
05 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 27: APM - Financial ratios definitions & reconciliation
05 Appendix 9 APM - Financial ratios definitions & reconciliation H1 Fiscal 2026 H1 Fiscal 2025 Gross borrowings (a) – operating cash (b) Gearing ratio 99% 85% Shareholders’ equity and non-controlling interests Gross borrowings (a) – operating cash (b) Net debt ratio 2.7x 2.3x Rolling 12-month (Unde
Slide 28: Investor calendar
05 Appendix 10 Investor calendar IR contacts June 2, 2026 BNP Paribas CEO conference | Paris Juliette Klein — Head of IR juliette.klein@sodexo.com June 4, 2026 Deutsche Bank conference | Paris Alina Cazacu — ESG IR Lead alina.cazacu@sodexo.com July 2, 2026 Sodexo Q3 2026 revenues Paul Deschamps — IR
Slide 29: Sodexo key figures
05 Appendix 11 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

Sodexo — H1 FY2026 Earnings Presentation on 6ix

Sodexo Sa — H1 FY2026 Earnings Presentation

Slide 1: First half Fiscal 2026 Results

Slide 2: From Diagnosis to Action

Slide 3: Where we stand: strengths and realities

Slide 4: Root causes go back a long time

Slide 5: Our priorities going forward

Slide 6: Recalibrating our FY26 baseline

Slide 7: First half Fiscal 2026 Financial Performance

Slide 8: H1 Organic growth +1.7%; reported revenue impacted by FX

Slide 9: Drivers of underlying operating profit margin

Slide 10: Operational performance by geography

Slide 11: Net profit impacted by operating performance and currencies

Slide 12: Other Operating Income and Expenses - details

Slide 13: Free cash flow broadly stable year-on-year

Slide 14: Outlook

Slide 15: Updated FY26 guidance and key assumptions

Slide 16: Safety moment / Q&A

Slide 17: Appendices

Slide 18: H1/ Q2 Fiscal 2026 Revenue breakdown

Slide 19: H1/ Q2 Fiscal 2026 Segment breakdown

Slide 20: H1 Fiscal 2026 exchange rates

Slide 21: Breakdown of Gross Financial debt: €4,739m

Slide 22: Condensed consolidated statement of financial position

Slide 23: Number of shares

Slide 24: Growth indicator - Definitions

Slide 25: Alternative Performance Measure - Definitions

Slide 26: Alternative Performance Measure - Definitions

Slide 27: APM - Financial ratios definitions & reconciliation

Slide 28: Investor calendar

Slide 29: Sodexo key figures