Issy-les-Moulineaux, October 23, 2025
Sodexo (Euronext Paris FR 0000121220-OTC: SDXAY)
-- Fiscal 2025 results:
-- Organic revenue growth of +3.3%, or +3.7% underlying1
-- Underlying operating profit margin at 4.7%, up +10bps at constant
currencies
-- Underlying group net profit at 785 million euros, up +3.7% at
constant currencies
-- Solid free cashflow; net debt/EBITDA ratio of 1.8x
-- Proposed dividend of 2.70 euros, in line with the Group dividend
policy
-- Evolution within the governance
-- Appointment of Thierry Delaporte as Chief Executive Officer,
effective November 10, 2025
-- Board evolutions to be proposed at the Shareholders Meeting on
December 16, 2025
-- Fiscal 2026 guidance:
-- Organic revenue growth between +1.5% and +2.5%
-- Underlying operating profit margin to be slightly lower than
Fiscal 2025
At the Board of Directors meeting held on October 22, 2025, chaired by Sophie Bellon, the Board approved the consolidated accounts of Sodexo for the fiscal year ended August 31, 2025.
Fiscal 2025 key figures and highlights
CHANGE AT
(in million euros) FISCAL 2025 FISCAL 2024 CHANGE CONSTANT CURRENCIES
Revenues 24,074 23,798 +1.2% +2.9%
---------------------- ----------- ----------- ------ --------------------
Organic growth +3.3% +7.9%
---------------------- ----------- ----------- ------ --------------------
UNDERLYING OPERATING
PROFIT 1,139 1,109 +2.7% +5.0%
---------------------- ----------- ----------- ------ --------------------
UNDERLYING OPERATING
PROFIT MARGIN 4.7% 4.7% -- bps +10 bps
---------------------- ----------- ----------- ------ --------------------
Other operating income
and expenses (154) (58)
---------------------- ----------- ----------- ------ --------------------
OPERATING PROFIT 985 1,051 (6.3%) (4.8%)
---------------------- ----------- ----------- ------ --------------------
Net financial expense (88) (63)
---------------------- ----------- ----------- ------ --------------------
Tax charge (198) (249)
---------------------- ----------- ----------- ------ --------------------
Effective tax rate 22.2% 25.4%
---------------------- ----------- ----------- ------ --------------------
GROUP NET PROFIT FROM
CONTINUING OPERATIONS
- Group share 695 738 (5.8%) (4.1%)
---------------------- ----------- ----------- ------ --------------------
Basic EPS from
Continuing Operations
(in euros) 4.76 5.04 (5.6%)
---------------------- ----------- ----------- ------ --------------------
UNDERLYING NET PROFIT
FROM CONTINUING
OPERATIONS - Group
share 785 775 +1.3% +3.7%
---------------------- ----------- ----------- ------ --------------------
Basic Underlying EPS
from Continuing
Operations (in
euros) 5.37 5.29 +1.5%
---------------------- ----------- ----------- ------ --------------------
Line labeled "Group Net profit from continuing operations" reflects the presence of discontinued operations in Fiscal 2024. No discontinued contribution in Fiscal 2025.
Sodexo Chairwoman and CEO Sophie Bellon said:
"Over the past four years, we have repositioned Sodexo as a pure-play food and services company. We have streamlined our portfolio, sharpened our focus on core activities, whilst continuing the transformation of our operating model. These efforts have set a strong foundation for sustainable performance.
Our Fiscal 2025 results reflect both the progress achieved and the operational challenges we faced, particularly in the U.S. For Fiscal 2026, we remain laser-focused on addressing these challenges, with clear action plans already underway.
The appointment of Thierry Delaporte as Chief Executive Officer marks the opening of a new chapter for Sodexo, with commercial acceleration and rigorous execution being our key priorities. I am confident that our new governance structure will support the Group's next stage of development and long-term success.
I want to sincerely thank all Sodexo teams for their dedication and commitment. Their engagement has been essential in driving change and positioning the Group strongly for the future."
Fiscal 2025 highlights
-- Revenues - Fiscal 2025 consolidated revenues reached 24.1 billion euros,
up +1.2% year-on-year, driven by organic growth of +3.3%, partly offset
by a negative currency impact of -1.8% and a net contribution from
acquisitions and disposals of -0.3%.
-- Organic revenue growth of +3.3% (or +3.7% excluding the base effect of
the Olympics, the Rugby World Cup and the leap year in Fiscal 2024),
primarily reflects a contribution from pricing close to 3% and slight
positive volume and net new business contribution.
-- By geography:
-- In North America, organic growth was +2.8%, reflecting strong
results in Sodexo Live! and Business & Administration, and solid
underlying momentum in Healthcare despite timing effects, offset
by contract losses in Education.
-- In Europe, organic growth was +1.7%, or +2.7% excluding the base
effect of the Rugby World Cup and the Olympics, with progress
across segments, notably in Healthcare and Seniors.
-- In Rest of the World, organic growth was +7.5% primarily driven by
India, Australia and Brazil, as Sodexo continues to strengthen its
positioning and gain market share. Growth in most other countries
remained robust.
-- Underlying operating profit was 1.1 billion euros, corresponding to an
Underlying operating margin of 4.7%, up +5% and +10 basis points at
constant currencies. The improvement was supported by procurement
efficiencies and benefits from the Global Business Services project,
which offset ongoing investments to support growth. Europe and the Rest
of the World contributed to margin expansion at constant currencies,
while North America remained stable.
-- Other operating income & expenses amounted to -154 million euros, mainly
from restructuring expenses and amortization of purchased intangible
assets. The prior year number included a one-off gain from the disposal
of the Homecare business.
-- Operating profit was 985 million euros, compared to 1,051 million euros
in the prior year, reflecting year-on-year differences in other operating
income and expenses.
-- Net financial expense amounted to 88 million euros, compared to 63
million in the prior year, mainly due to lower one-off gains than in the
previous year (including compensatory interests and dividends). During
the year, the Group continued to optimize its financing structure through
the cash repayment of its 700 million euros bond maturing in April 2025,
the 1.1 billion U.S dollars notes issuance by Sodexo Inc. in May 2025,
and the partial repurchase of existing debt, thereby supporting liquidity
and financial flexibility.
-- The Effective tax rate was 22.2%, reflecting mainly the update of the
risk related to Sodexo S.A. tax audit, following the finalization of
related procedures during the period, and the recognition of previously
unrecognized tax losses in France.
-- Group Net profit was 695 million euros, down from 738 million euros last
year, the difference mainly reflecting an exceptional capital gain in the
prior year. Underlying net profit amounted to 785 million euros, up +3.7%
at constant currencies. The resulting underlying EPS was 5.37 euros.
-- The Board proposes a dividend of 2.70 euros, up +1.9% from the previous
year, and in line with the Group dividend policy of a 50% pay-out ratio
based on underlying net income. It will be proposed at the Shareholders
Meeting on December 16, 2025.
-- Free cash flow amounted to 459 million euros, including an exceptional
tax outflow related to the finalization of the tax audit of Sodexo S.A.
Working capital was well contained and capex stood at 2% of revenue.
-- Net M&A expenditure totaled 93 million euros, driven by the acquisitions
of CRH Catering in the United States and Agap'Pro, a GPO in France, which
were partly offset by some disposals in non-core activities. The Group
also agreed to acquire Grupo Mediterránea in Spain, with closing
expected by the end of calendar year 2025, reinforcing its presence in
key food markets.
-- Net debt increased to 2.7 billion euros, from 2.6 billion euros at the
end of Fiscal 2024, mainly due to the exceptional tax outflow. As a
result, the Net debt to EBITDA ratio was 1.8x, compared to 1.7x at the
end of Fiscal 2024, within the target range of 1-2x.
Commercial momentum
-- Client retention2 was 94%, reflecting the loss of a large global FM
account (--50 bps impact) and weaker performance in the U.S. Education
segment.
-- New signings2 totaled 1.7 billion euros, with a strong start to the year
followed by a softer second half, partly mitigated by successful
cross-selling.
Leading the way in sustainability
In Fiscal 2025, Sodexo continued to strengthen its positive impact:
-- 80% employee engagement and lowest-ever Lost Time Injury Rate of 0.45,
reflecting continued progress in workplace safety,
-- significant carbon reductions, achieving total greenhouse gas emissions
reductions of -19.3% compared to 2017 (including -37.7% for Scopes 1 and
2)
-- -47.6% decrease in food waste, in close collaboration with clients,
suppliers, and partners.
The Group is also publishing its first CSRD-compliant sustainability statement, reinforcing governance and transparency.
Building on this progress, Better Tomorrow 2028 sets a new roadmap to strengthen the Company's social, environmental and societal impact, thereby contributing to its long-term resilience.
Sodexo Governance
Dissociated governance structure, as of November 10, 2025
-- Thierry Delaporte as Group Chief Executive Officer;
-- Sophie Bellon as non-executive Chairwoman of the Board of Directors for
the duration of her mandate.
Changes in the Board of Directors
-- Gilles Pélisson will succeed Luc Messier as Lead independent
Director, effective November 10, 2025.
-- Véronique Laury and Cécile Tandeau de Marsac, who have
contributed strongly to the Board and its Committees over their
respective 6- and 9-year tenures, have chosen not to seek renewal of
their terms.
The Board will propose several resolutions relative to its composition to strengthen the diversity of its expertise and its knowledge of the North American markets. The following appointments and renewals will be proposed at the Shareholders Meeting on December 16, 2025:
-- the appointment of Geneviève Bich as an independent Director for a
three-year term. If approved, she will chair the Compensation Committee
and sit on the Nominating Committee.
-- the appointment of Françoise Colpron as an independent Director for
a three-year term. If approved, she will serve on the Audit Committee.
-- the renewal of Luc Messier's term as independent Director for a
three-year term. If approved, he will chair the Sustainability Committee
and remain a member of the Nominating and Audit Committees.
-- the appointment of Bellon SA, represented by Patrice de Talhouët for
a three-year term to replace his individual mandate as non-independent
Director. If approved, he will be a member of the Sustainability and the
Audit Committees.
All the resolutions and detailed information on the Board's composition and governance will be presented in Sodexo's Universal Registration Document, to be soon filed with the AMF (French financial markets authority).
Outlook
For Fiscal 2026, in line with current operational priorities, Sodexo provides the following outlook:
-- Organic 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 business, and a one-off reclassification
triggered by the renewal of a large contract;
-- Underlying operating profit margin to be slightly lower than Fiscal 2025,
reflecting the mix and phasing of our growth drivers and targeted
investments to enhance our Group's foundations for profitable growth.
(_______________________________________)
(1) Excluding the base effect of the Olympics, Rugby World Cup and leap year in Fiscal 2024.
(2) Retention and new signings are based on annualized revenue of contracts gained or lost during the period, irrespective of contract dates.
******************
Conference call
Sodexo will hold a conference call (in English) today at 9:00 a.m. (Paris time), 8:00 a.m. (London time) to comment on these Fiscal 2025 Results.
To join the call:
-- from the UK / International, please dial: +44 (0) 121 281 8004 -- from France, please dial: +33 (0) 1 70 91 87 04 -- from the USA, please dial: +1 718 705 8796
Access Code: 07 26 13
A live audio webcast is also available on www.sodexo.com.
The press release, presentation and webcast will be available on the Group website www.sodexo.com in both the "Newsroom" section and the "Investors -- Financial Results" section.
Sodexo Fiscal 2026 financial calendar
Fiscal 2025 Annual Shareholders Meeting December 16, 2025 Fiscal 2026 First quarter Revenues January 8, 2026 Fiscal 2026 First half Results April 10, 2026 Fiscal 2026 Third quarter Revenues July 2, 2026 Fiscal 2026 Full year Results October 23, 2026 Fiscal 2026 Annual Shareholders Meeting December 16, 2026
These dates are indicative and may be subject to change without notice. Regular updates are available in the calendar on our website www.sodexo.com
About Sodexo
Founded in Marseille in 1966 by Pierre Bellon, Sodexo is the leader in Food and Services, shaping better everyday experiences at every moment in life: work, heal, learn and play. The Group stands out for its independence, its founding family shareholding and its responsible business model. With its services, Sodexo meets all the challenges of everyday life with a dual goal: to improve the quality of life of our employees and those we serve, and contribute to the economic, social and environmental progress in the communities where we operate. For Sodexo, growth and social commitment go hand in hand. Our purpose is to create a better everyday for everyone to build a better life for all.
Sodexo is included in the CAC Next 20, Bloomberg France 40, CAC SBT 1.5, FTSE 4 Good and DJSI indices.
Sodexo Key figures
-- 24.1 billion euros Fiscal 2025 consolidated revenues -- 426,000 employees as at August 31, 2025 -- #2 France-based private employer worldwide -- 43 countries -- 80 million consumers served daily -- 8.3 billion euros in market capitalization (as at October 22, 2025) Contacts Analysts and Investors Media Juliette Klein Mathieu Scaravetti +33 1 57 75 80 27 +33 6 28 62 21 91 juliette.klein@sodexo.com mathieu.scaravetti@sodexo.com
******************
About Geneviève Bich
A Canadian national, Geneviève is a recognized expert in human resources, with extensive leadership experience across major Canadian companies and board-level responsibilities.
Geneviève is Vice President, Human Resources at Metro Inc., a leader in the food and pharmacy industry in Canada. Prior to joining Metro, Geneviève held similar positions at Aimia Inc., Groupe Dynamite and Bell. She is a member of the Board of Directors of Hydro-Québec, Chair of the Board's Human Resources Committee and a member of the Governance and Customer Experience Committee. She actively supports several community organizations in Montreal. Geneviève is graduated in psychology from McGill University and in law from the Université de Montréal.
She is a member of the Barreau du Québec and the Ordre des conseillers en ressources humaines agréés du Québec.
About Françoise Colpron
A dual U.S. and Canadian national, Françoise is a seasoned corporate director and strategic executive with over 30 years of global legal and business experience, including 25 years in the automotive industry.
She began her career as a lawyer at Ogilvy Renault in Canada and then in Hong Kong. She joined Valeo in 1998, and had several roles, first in the legal department in Paris, then as General Counsel for North and South America, and finally as Group President for North America, from 2008 through 2022. During her tenure, Françoise successfully led the Region during the 2009 economic downturn, through the transformation of the automotive industry in terms of autonomous driving and electrification, as well as the various challenges of Covid and talent and supply shortages. Françoise established strong relationships with automotive customers and local communities, and a strong branding as an employer of choice.
She serves on the Boards of Directors of Sealed Air, Celestica, and Veralto, contributing to governance, human ressources, nominating, audit and compensation committees.
She holds a law degree from the University of Montreal and is fluent in English, French, and Spanish.
******************
Fiscal 2025 Activity Report
1.1 Fiscal 2025 Performance of Sodexo
1.1.1 Consolidated income statement
CHANGE
(in million euros) FISCAL 2025 FISCAL 2024 CHANGE CONSTANT RATES
Revenues 24,074 23,798 +1.2% +2.9%
--------------------------- ----------- ----------- ------ ---------------
Organic growth +3.3% +7.9%
--------------------------- ----------- ----------- ------ ---------------
UNDERLYING OPERATING PROFIT 1,139 1,109 +2.7% +5.0%
--------------------------- ----------- ----------- ------ ---------------
UNDERLYING OPERATING PROFIT
MARGIN 4.7% 4.7% 0 bps +10 bps
--------------------------- ----------- ----------- ------ ---------------
Other operating income and
expenses (154) (58)
--------------------------- ----------- ----------- ------ ---------------
OPERATING PROFIT 985 1,051 (6.3%) (4.8%)
--------------------------- ----------- ----------- ------ ---------------
Net financial expense (88) (63)
--------------------------- ----------- ----------- ------ ---------------
Tax charge (198) (249)
--------------------------- ----------- ----------- ------ ---------------
Effective tax rate((1) 22.2% 25.4% --------------------------- ----------- ----------- ------ --------------- NET PROFIT FROM CONTINUING OPERATIONS((2) - Group share 695 738 (5.8%) (4.1%) --------------------------- ----------- ----------- ------ --------------- Basic EPS from Continuing Operations (in euros) 4.76 5.04 (5.6%) --------------------------- ----------- ----------- ------ --------------- UNDERLYING NET PROFIT FROM CONTINUING OPERATIONS - Group share 785 775 +1.3% +3.7% --------------------------- ----------- ----------- ------ --------------- Basic Underlying EPS from Continuing Operations (in euros) 5.37 5.29 +1.5% --------------------------- ----------- ----------- ------ ---------------
(1) ETR based on Pre-tax profit excluding share of profit from Equity method of 892 million euros in Fiscal 2025 and 983 million euros in Fiscal 2024.
(2) Profit attributable to non-controlling interests were 11 million euros in Fiscal 2025 and 9 million euros in Fiscal 2024.
1.1.2 Revenues
REVENUES FISCAL FISCAL ORGANIC EXTERNAL CURRENCY TOTAL (in million euros) 2025 2024 GROWTH GROWTH EFFECT GROWTH North America 11,180 11,111 +2.8% -0.3% -1.8% +0.6% ------------------- ------- -------- ------- -------- -------- ------- Europe 8,593 8,448 +1.7% -0.4% +0.4% +1.7% ------------------- ------- -------- ------- -------- -------- ------- Rest of the World 4,301 4,239 +7.5% -0.2% -5.9% +1.5% ------------------- ------- -------- ------- -------- -------- ------- SODEXO 24,074 23,798 +3.3% -0.3% -1.8% +1.2% ------------------- ------- -------- ------- -------- -------- -------
Fiscal 2025 consolidated revenues reached 24.1 billion euros, up +1.2% year-on-year, despite a -1.8% negative currency impact (mainly from the U.S. dollar and several Latin American currencies) and a net contribution from acquisitions and disposals of -0.3%. Fiscal 2025 organic revenue growth was +3.3%, or +3.7% excluding the base effect of the Olympics, the Rugby World Cup and leap year in Fiscal 2024, primarily reflecting a contribution from pricing close to 3% and slight positive volume and net new business contribution.
North America delivered +2.8% organic growth, reflecting strong results in Sodexo Live! and Business & Administrations, and solid underlying momentum in Healthcare despite timing effects, offset by contract losses in Education.
In Europe, organic growth was +1.7%, or +2.7% excluding the base effect of the Olympics and the Rugby World Cup, with progress across segments, notably in Healthcare and Seniors.
In Rest of the World, organic growth was +7.5%, primarily driven by India, Australia and Brazil, as Sodexo continues to strengthen its positioning and gain market share. Growth in most other countries remained robust.
North America
REVENUES BY SEGMENT RESTATED ORGANIC (in million euros) FISCAL 2025 FISCAL 2024 GROWTH((1) Business & Administrations 2,948 3,036 +4.2% -------------------------- ----------- ----------- ------------------------ Sodexo Live! 1,560 1,428 +11.2% -------------------------- ----------- ----------- ------------------------ Healthcare & Seniors 3,504 3,411 +1.8% -------------------------- ----------- ----------- ------------------------ Education 3,168 3,236 -1.1% -------------------------- ----------- ----------- ------------------------ NORTH AMERICA TOTAL 11,180 11,111 +2.8% -------------------------- ----------- ----------- ------------------------
(1) During First half Fiscal 2025, some contracts or operations have been reallocated between segments.
Fiscal 2025 North America revenues totaled 11.2 billion euros, up +2.8% organically.
Organic growth in Business & Administrations reached +4.2%, supported by strong food services performance, cross-sales, and price increases, partly offset by contract demobilizations, including the impact of a large global FM contract exit.
Sodexo Live! delivered robust organic growth of +11.2%, fueled by strong activity in airport lounges, conference centers, stadiums and arenas.
Healthcare & Seniors organic growth was +1.8%, supported by price increases, volume growth, and cross-sales. Performance was affected by site losses in Canada and in Seniors, as well as by a slow ramp-up of new business in U.S. Healthcare, with new contracts beginning to contribute in the fourth quarter.
In Education, organic growth was -1.1%, with performance impacted by prior-period contract exits.
Europe
REVENUES BY SEGMENT RESTATED ORGANIC (in million euros) FISCAL 2025 FISCAL 2024 GROWTH((1) Business & Administrations 4,746 4,681 +1.2% -------------------------- ----------- ----------- ------------------------ Sodexo Live! 707 750 -6.2% -------------------------- ----------- ----------- ------------------------ Healthcare & Seniors 1,987 1,885 +6.7% -------------------------- ----------- ----------- ------------------------ Education 1,153 1,132 +1.3% -------------------------- ----------- ----------- ------------------------ EUROPE TOTAL 8,593 8,448 +1.7% -------------------------- ----------- ----------- ------------------------
(1) During First half Fiscal 2025, some contracts or operations have been reallocated between segments
Fiscal 2025 Europe revenues totaled 8.6 billion euros, up +1.7% organically, or +2.7% excluding the base effect of the Olympics and the Rugby World Cup.
In Business & Administrations, organic growth was +1.2%, supported by price revisions and new site openings, though partially offset by softer activity levels in FM and the impact of some contract exits.
Sodexo Live! organic growth came in at -6.2%, or +5.1% excluding the base effect of the Olympics and the Rugby World Cup, reflecting strong tourist activity in France and robust volume growth in airport lounges and stadiums in the UK.
Healthcare & Seniors organic growth stood at +6.7%, driven by strong commercial momentum across the zone as well as sustained volume growth and price revisions.
In Education, organic revenue growth was +1.3%, reflecting the positive impact of price revisions, partly offset by the exit of some low-performing contracts in France.
Rest of the World
REVENUES BY SEGMENT RESTATED ORGANIC (in million euros) FISCAL 2025 FISCAL 2024 GROWTH((1) Business & Administrations 3,708 3,694 +6.5% -------------------------- ----------- ----------- ------------------------ Sodexo Live! 54 46 +20.4% -------------------------- ----------- ----------- ------------------------ Healthcare & Seniors 352 337 +16.2% -------------------------- ----------- ----------- ------------------------ Education 187 162 +10.4% -------------------------- ----------- ----------- ------------------------ REST OF THE WORLD TOTAL 4,301 4,239 +7.5% -------------------------- ----------- ----------- ------------------------
(1) During First half Fiscal 2025, some contracts or operations have been reallocated between segments
Fiscal 2025 Rest of the World revenues were 4.3 billion euros. Organic growth was +7.5%, underpinned by strong activity levels across most geographies, supported by price increases and solid commercial momentum. Performance was particularly strong in India, fueled by new business wins and higher volumes on existing sites, in Australia, supported by additional volumes and robust development, and in Brazil, driven by price revisions and sustained volume growth.
1.1.3 Underlying Operating Profit
Fiscal 2025 underlying operating profit was 1.1 billion euros, up +2.7%, or +5.0% excluding currency effects. The underlying operating profit margin, including corporate expenses, reached 4.7%, up +10 basis points at constant currencies.
UNDERLYING
UNDERLYING OPERATING
OPERATING PROFIT
PROFIT MARGIN CHANGE CHANGE IN MARGIN
FISCAL CHANGE (EXCLUDING FISCAL IN (EXCLUDING CURRENCY
(in million euros) 2025 CHANGE CURRENCY EFFECT) 2025 MARGIN MIX EFFECT)
-10
North America 645 -0.8% +1.4% 5.8% bps 0 bps
------------------- ---------- ------ ------------------- ---------- ------ -------------------
+30
Europe 367 +8.3% +6.7% 4.3% bps +20 bps
------------------- ---------- ------ ------------------- ---------- ------ -------------------
Rest of the World 211 +2.4% +10.8% 4.9% 0 bps +20 bps
------------------- ---------- ------ ------------------- ---------- ------ -------------------
Corporate expenses
/ HQ costs (84) -2.3% -2.3%
------------------- ---------- ------ ------------------- ---------- ------ -------------------
UNDERLYING
OPERATING PROFIT 1,139 +2.7% +5.0% 4.7% 0 bps +10 bps
------------------- ---------- ------ ------------------- ---------- ------ -------------------
-- The margin improvement reflects procurement efficiencies, benefits from
the Global Business Services project and some operating leverage, which
offset ongoing investments to support growth.
-- Performance by zone was as follows (variances at constant currencies):
-- North America: underlying operating profit increased +1.4%, with
the margin stable at 5.8%.
-- Europe: underlying operating profit rose +6.7%, with the margin up
+20 bps to 4.3%.
-- Rest of the World: underlying operating profit grew +10.8%, with
the margin up +20 bps to 4.9%.
1.1.4 Net profit
(in million euros) FISCAL 2025 FISCAL 2024 UNDERLYING OPERATING PROFIT 1,139 1,109 ---------------------------------------------------- ----------- ----------- Net impact related to consolidation scope changes 3 90 ---------------------------------------------------- ----------- ----------- Restructuring and rationalization costs (97) (65) ---------------------------------------------------- ----------- ----------- Amortization of purchased intangible assets (35) (35) ---------------------------------------------------- ----------- ----------- Other (25) (48) ---------------------------------------------------- ----------- ----------- OTHER OPERATING INCOME AND EXPENSES (154) (58) ---------------------------------------------------- ----------- ----------- OPERATING PROFIT 985 1,051 ---------------------------------------------------- ----------- ----------- Net financial expense (88) (63) ---------------------------------------------------- ----------- ----------- Net income before tax & shares accounted for equity method 892 983 ---------------------------------------------------- ----------- ----------- Tax charge (198) (249) ---------------------------------------------------- ----------- ----------- NET PROFIT FROM CONTINUING OPERATIONS (GROUP SHARE) 695 738 ---------------------------------------------------- ----------- ----------- UNDERLYING NET PROFIT FROM CONTINUING OPERATIONS (GROUP SHARE) 785 775 ---------------------------------------------------- ----------- -----------
Other operating income and expenses amounted to -154 million euros, versus -58 million euros last year (which included a one-off gain on the disposal of the Homecare business). Of this, -97 million euros relate to restructuring, aimed at improving efficiency, productivity, and margins, and covering initiatives such as Global Business Services, ERP implementation, and other organizational optimizations.
As a result, the operating profit reached 985 million euros compared to 1,051 million euros in the previous year.
Fiscal 2025 net financial expenses amounted to 88 million euros, up from 63 million euros in Fiscal 2024. The increase primarily reflects lower one-off gains compared with the prior year, including compensatory interest in Brazil and the Sofinsod dividend. The new USD bond issuance had negligible impact this year, with higher coupons offset by increased interest income on cash and a gain on the tender of existing bonds.
The tax charge was 198 million euros, leading to an Effective Tax Rate of 22.2%, reflecting mainly the update of the risk related to Sodexo S.A. tax audit, following the finalization of related procedures during the period, and the recognition of previously unrecognized tax losses in France.
The share of profit of other companies accounted for using the equity method was 12 million euros compared to 13 million euros last year. Profit attributed to non-controlling interests was 11 million euros compared to the previous year amount of 9 million euros.
As a result, Group net profit was 695 million euros, compared to 738 million euros in Fiscal 2024. Underlying net profit, adjusted for other operating income and expenses net of tax, reached 785 million euros, compared to 775 million euros in Fiscal 2024, up +3.7% at constant currencies.
1.2 Consolidated financial position
1.2.1 Cash flows
(in million euros) FISCAL 2025 FISCAL 2024 Operating cash flow((1) 1,200 1,338 ---------------------------------------------------- ----------- ----------- Change in working capital (69) (43) ---------------------------------------------------- ----------- ----------- IFRS 16 leases outflow (188) (165) ---------------------------------------------------- ----------- ----------- Net capital expenditure (including new client investments) (484) (469) ---------------------------------------------------- ----------- ----------- Free cash flow((2) 459 661 ---------------------------------------------------- ----------- ----------- Net acquisitions (93) 986 ---------------------------------------------------- ----------- ----------- Share buy-backs (83) (51) ---------------------------------------------------- ----------- ----------- Dividends paid to shareholders (388) (1,373) ---------------------------------------------------- ----------- ----------- Other changes (including scope and exchange rates) 18 95 ---------------------------------------------------- ----------- ----------- (Increase)/decrease in net debt (87) 318 ---------------------------------------------------- ----------- -----------
(1) The difference with the Operating Cash Flow as presented in the consolidated cash flow statement comes from the payment of client investments during the period, presented in this table within Net Capex (within Operating Cash flow in the cash flow statement).
(2) The Group does not believe the accounting treatment introduced by IFRS 16 modifies the operating nature of its lease transactions. Accordingly, to ensure the Group's performance measures continue to best reflect its operating performance, the Group considers repayments of lease liabilities as operating items impacting the Free cash flow, which integrates all lease payments (fixed or variable). To be consistent, the lease liabilities are not included in Net debt (treated as operating items).
Free cash flow was 459 million euros compared to 661 million euros in Fiscal 2024.
Operating cash flow amounted to 1.2 billion euros down from 1.3 billion euros in the previous year, mainly due to an exceptional tax outflow related to a tax reassessment at Sodexo S.A..
Change in working capital in Fiscal 2025 was an outflow of 69 million euros, compared with a 43 million euros outflow in the previous year.
Net capital expenditure, including client investments, at 484 million euros, representing 2.0% of revenues, in line with last year.
Acquisitions net of disposals amounted to an outflow of 93 million euros in Fiscal 2025, driven by the acquisitions of CRH Catering in the United States and Agap'Pro, a GPO in France, which were partly offset by some disposals in non-core activities. The prior year inflow of 986 million euros mainly resulted from the disposal of Sofinsod for 918 million euros and the Homecare business.
The Fiscal 2025 dividend payment amounted to 388 million euros. In Fiscal 2024, the dividend payment of 1,373 million euros included the special interim dividend paid in August 2024 for 918 million euros related to the sale of Sofinsod, in addition to the ordinary dividend paid in December 2024 for the previous fiscal year which included Pluxee's contribution.
Increase in net debt for the period amounted to 87 million euros.
1.2.2 Condensed consolidated statement of financial position at August 31, 2025
AUGUST AUGUST AUGUST AUGUST
31, 31, 31, 31,
(in million euros) 2025 2024 (in million euros) 2025 2024
Shareholders'
Non-current assets 8,524 8,627 equity 3,786 3,782
------------------- ------- ------- ------------------ ------- --------
Current assets Non-controlling
excluding cash 4,234 4,233 interests 13 16
------------------- ------- ------- ------------------ ------- --------
Non-current
liabilities 5,212 5,304
------------------- ------- ------- ------------------ ------- --------
Cash and cash Current
equivalent 2,091 2,137 liabilities 5,838 5,914
------------------- ------- ------- ------------------ ------- --------
Liabilities held
Asset held for sale -- 27 for sale -- 8
TOTAL ASSETS 14,849 15,024 TOTAL LIABILITIES 14,849 15,024
AND SHAREHOLDERS'
EQUITY
------------------- ------- ------- ------------------ ------- --------
(in million euros) AUGUST 31, 2025 AUGUST 31, 2024
Gross debt 4,777 4,734
--------------------------------- --------------- ---------------
Net debt 2,687 2,600
--------------------------------- --------------- ---------------
Gearing ratio 71% 68%
--------------------------------- --------------- ---------------
Net Debt ratio (Net Debt/EBITDA) 1.8x 1.7x
--------------------------------- --------------- ---------------
As of August 31, 2025, net debt stood at 2.7 billion euros, compared with 2.6 billion euros at the end of Fiscal 2024. With EBITDA up 2% year-on-year, the net debt-to-EBITDA ratio stood at 1.8x, versus 1.7x as of August 31, 2024. Gearing rose by 3 points to 71%.
During the fiscal year, the 700 million euros bond maturing in April 2025, carrying a 0.75% coupon, was repaid.
On May 27, 2025, Sodexo Inc. successfully completed a USD 1.1 billion bond issuance in two tranches: USD 600 million maturing in August 2030 (5.15% coupon) and USD 500 million maturing in August 2035 (5.8% coupon). The issuance was nearly 7 times oversubscribed, reflecting strong investor demand. As part of a cash tender offer, a portion of the net proceeds from this bond issuance was used to repurchase USD 172.3 million of the Group's outstanding 2026 notes (1.634% coupon), representing 34.5% of the tranche.
At year-end, the Group's blended costs of debt was 2.7%, compared to 1.8% at the end of Fiscal 2024.
Gross debt totaled 4.8 billion euros, of which 53% denominated in euros, 40% in U.S. dollars and 7% in sterling, with an average maturity of 3.7 years. Debt was 95% fixed-rate and entirely covenant-free.
Operating cash amounted to 2,1 billion euros. Unused credit lines totaled 1.75 billion euros, with a 5-year maturity.
1.2.3 Earnings per share
Earnings per share (EPS) from continuing operations was 4.76 euros compared to 5.04 euros in Fiscal 2024. The weighted average number of shares for Fiscal 2025 was at 146,014,551 compared to 146,451,943 shares for Fiscal 2024. Underlying EPS increased to 5.37 euros compared to the prior year at 5.29 euros.
1.2.4 Proposed dividend
The Board proposes an ordinary dividend of 2.70 euros, in line with the Group policy of a 50% pay-out ratio based on underlying net income.
1.2.5 Currency effect
Exchange rate fluctuations do not generate operational risks, because each subsidiary bills its revenues and incurs its expenses in the same currency.
CLOSING
AVERAGE RATE
AVERAGE AVERAGE RATE FY CLOSING CLOSING 08/31/2025
RATE FY RATE FY 2025 VS. RATE AT RATE AT VS.
EUR1= 2025 2024 FY 2024 08/31/2025 08/31/2024 08/31/2024
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%
---------- -------- --------- --------- ---------- ---------- ----------
Brazilian
real 6.295 5.543 -11.9% 6.325 6.216 -1.7%
---------- -------- --------- --------- ---------- ---------- ----------
In Fiscal 2025, revenues were impacted by a -1.8% currency effect, primarily reflecting the depreciation of the U.S. dollar against the euro since the beginning of the year. The weakening of several Latin American currencies, particularly the Brazilian real, also contributed to the negative impact.
As of end of Fiscal 2025, the Group operates in 43 countries. The percentage of total revenues and Underlying operating profit denominated in the main currencies is as follows:
% OF UNDERLYING
FISCAL 2025 % OF REVENUES OPERATING PROFIT
U.S. dollar 44% 60%
------------------ ------------- -----------------
Euro 23% 3%
------------------ ------------- -----------------
UK pound Sterling 9% 10%
------------------ ------------- -----------------
Brazilian real 4% 7%
------------------ ------------- -----------------
The currency effect is determined by applying the previous year's average exchange rates to the current year figures.
1.2.6 Outlook
For Fiscal 2026, in line with current operational priorities, Sodexo provides the following outlook:
-- 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 business, and a one-off
reclassification triggered by the renewal of a large contract;
-- Underlying operating profit margin to be slightly lower than Fiscal 2025,
reflecting the mix and phasing of our growth drivers and targeted
investments to enhance our Group's foundations for sustainable
development.
1.2.7 Subsequent events.
No major events have occurred since the closing of Fiscal year 2025.
1.2.8 Alternative Performance Measure definitions
Blended cost of debt
The blended cost of debt is calculated at period end and is the weighted blended financing rate on borrowings (including derivative financial instruments and commercial papers) and cash pooling balances at period end.
Financial ratios
Please refer to Chapter 4, note 4.3.1.
Free cash flow
Please refer to the section entitled Consolidated financial position.
Growth excluding currency effect
The currency effect is determined by applying the previous year's average exchange rates to the current year figures except in hyper-inflationary economies where all figures are converted at the latest closing rate for both periods when the impact is significant.
For Türkiye, despite being in hyperinflation, the average exchange rates of the previous period are used due to the lack of materiality.
Net debt
Net debt is defined as Group borrowing at the balance sheet date, less operating cash.
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 fiscal year; and excluding the impact of business acquisitions (or gain of control) and divestments, as follows:
-- for businesses acquired (or gain of control) during the current period,
revenue generated since the acquisition date is excluded from the organic
growth calculation;
-- for businesses acquired (or gain of control) during the prior fiscal year,
revenue generated during the current period up until the first
anniversary date of the acquisition is excluded;
-- for businesses divested (or loss of control) during the prior fiscal year,
revenue generated in the comparative period of the prior fiscal year
until the divestment date is excluded;
-- for businesses divested (or loss of control) during the current fiscal
year, revenue generated in the period commencing 12 months before the
divestment date up to the end of the comparative period of the prior
fiscal year is excluded.
Underlying net profit
Underlying net profit presents a net income excluding significant unusual and/or infrequent elements. Therefore, it corresponds to the Net Income Group share excluding Other Income and Expense and significant non-recurring elements in both Net Financial Expense and Income Tax Expense where relevant.
Underlying net profit per share
Underlying net profit per share presents the Underlying net profit divided by the average number of shares.
Underlying operating profit margin
The Underlying operating profit margin corresponds to Underlying operating profit divided by revenues.
Underlying operating profit margin at constant rates
The Underlying operating profit margin at constant rates corresponds to Underlying operating profit divided by revenues, calculated by converting 2025 figures at Fiscal 2024 rates, except for countries with hyperinflationary economies.
Inter-segment restatements
Some contracts or operations have been reallocated between segments, with main impacts in North America between Healthcare Seniors and Business & Administrations.
Restated revenue breakdown for Fiscal 2024:
Fiscal 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
REVENUES
(in million euros) Published Restated Published Restated Published Restated Published Restated Published Restated
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
North America 11,111 11,111 3,030 3,030 2,726 2,726 2,904 2,904 2,451 2,451
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Business &
Administrations 3,036 2,904 1,081 703 735 701 780 743 786 757
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Sodexo Live!((1) 1,428 1,428 -- 346 330 330 388 388 364 364
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Healthcare &
Seniors 3,411 3,522 849 875 838 867 869 900 855 880
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Education 3,236 3,257 1,100 1,106 823 828 867 873 446 450
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Europe 8,448 8,448 2,196 2,196 2,058 2,058 2,096 2,096 2,098 2,098
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Business &
Administrations 4,681 4,676 1,377 1,184 1,171 1,170 1,179 1,178 1,146 1,144
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Sodexo Live!((1) 750 750 -- 192 132 132 137 137 289 289
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Healthcare &
Seniors 1,885 1,890 490 491 460 461 466 467 469 471
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Education 1,132 1,132 329 329 295 295 314 314 194 194
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Rest of the World 4,239 4,239 1,061 1,061 1,030 1,030 1,074 1,074 1,074 1,074
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Business &
Administrations 3,694 3,694 927 917 904 903 932 932 942 942
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Sodexo Live!((1) 46 46 -- 10 11 12 12 12 12 12
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Healthcare &
Seniors 337 337 91 91 79 79 82 82 85 85
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Education 162 162 43 43 36 36 48 48 35 35
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
Sodexo 23,798 23,798 6,287 6,287 5,814 5,814 6,074 6,074 5,623 5,623
------------------- --------- -------- --------- -------- --------- -------- --------- -------- --------- --------
(1) Since the first half of 2024, the Group has been reporting Sodexo Live! revenue separately; it was previously included in the Business & Administrations segment.
******************
Fiscal 2025 Condensed consolidated financial statements
Notes to the Financial Statements will be found in the Universal Registration Document to be soon published
2.1 Consolidated income statement
(in millions of euros) NOTES FISCAL 2025 FISCAL 2024 Revenues 4.1 24,074 23,798 --------------------------------------------- ----- ----------- ----------- Cost of sales 4.2 (21,241) (20,953) --------------------------------------------- ----- ----------- ----------- Gross profit 2,833 2,845 --------------------------------------------- ----- ----------- ----------- Selling, general and administrative costs 4.2 (1,699) (1,741) --------------------------------------------- ----- ----------- ----------- Share of profit of companies accounted for using the equity method that directly contribute to the Group's business 8 5 5 --------------------------------------------- ----- ----------- ----------- Underlying operating profit 4.1 1,139 1,109 --------------------------------------------- ----- ----------- ----------- Other operating income 4.2 21 91 --------------------------------------------- ----- ----------- ----------- Other operating expenses 4.2 (175) (149) --------------------------------------------- ----- ----------- ----------- Operating profit 985 1,051 --------------------------------------------- ----- ----------- ----------- Financial income 12.1 90 120 --------------------------------------------- ----- ----------- ----------- Financial expenses 12.1 (178) (183) --------------------------------------------- ----- ----------- ----------- Share of profit of other companies accounted for using the equity method 8 7 8 --------------------------------------------- ----- ----------- ----------- Profit before tax 904 996 --------------------------------------------- ----- ----------- ----------- Income tax expense 9.2 (198) (249) --------------------------------------------- ----- ----------- ----------- Net profit from continuing operations 706 747 --------------------------------------------- ----- ----------- ----------- Net profit from discontinued operations -- (568) --------------------------------------------- ----- ----------- ----------- Net profit 706 179 --------------------------------------------- ----- ----------- ----------- Of which: --------------------------------------------- ----- ----------- ----------- Profit attributable to non-controlling interests 11 11 --------------------------------------------- ----- ----------- ----------- Net profit from continuing operations -- Attributable to non-controlling interests 11 9 --------------------------------------------- ----- ----------- ----------- Net profit from discontinued operations -- Attributable to non-controlling interests -- 2 --------------------------------------------- ----- ----------- ----------- PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 695 168 --------------------------------------------- ----- ----------- ----------- Net profit from continuing operations -- Attributable to equity holders of the parent 695 738 --------------------------------------------- ----- ----------- ----------- Net profit from discontinued operations -- Attributable to equity holders of the parent -- (570) --------------------------------------------- ----- ----------- ----------- Basic earnings per share (in euros) 11.2 4.76 1.15 --------------------------------------------- ----- ----------- ----------- from continuing operations -- Attributable to equity holders of the parent (in euros
per share) 4.76 5.04 --------------------------------------------- ----- ----------- ----------- from discontinued operations -- Attributable to equity holders of the parent (in euros per share) -- (3.89) --------------------------------------------- ----- ----------- ----------- Diluted earnings per share (in euros) 11.2 4.71 1.13 --------------------------------------------- ----- ----------- ----------- from continuing operations -- Attributable to equity holders of the parent (in euros per share) 4.71 4.98 --------------------------------------------- ----- ----------- ----------- from discontinued operations -- Attributable to equity holders of the parent (in euros per share) -- (3.85) --------------------------------------------- ----- ----------- -----------
2.2 Consolidated statement of comprehensive income
(in millions of euros) NOTES FISCAL 2025 FISCAL 2024 NET PROFIT 706 179 ------------------------------------- ------------- ----------- ----------- Items of other comprehensive income that may be reclassified subsequently to profit or loss (230) 412 ---------------------------------------------------- ----------- ----------- Change in fair value of derivatives hedging instruments 12.5 and 11.1 -- -- ------------------------------------- ------------- ----------- ----------- Change in fair value of derivatives hedging instruments reclassified to profit or loss 12.5 and 11.1 -- -- ------------------------------------- ------------- ----------- ----------- Exchange differences 11.1 (218) (121) ------------------------------------- ------------- ----------- ----------- Exchange differences reclassified to profit or loss 11.1 (12) 533 ------------------------------------- ------------- ----------- ----------- Tax on items of other comprehensive income that may be reclassified subsequently to profit or loss 11.1 -- -- ------------------------------------- ------------- ----------- ----------- Share of other items of comprehensive income (loss) of companies accounted for using the equity method, net of tax 11.1 and 8 -- -- ------------------------------------- ------------- ----------- ----------- Items of other comprehensive income that will not be reclassified subsequently to profit or loss -- 153 ------------------------------------- ------------- ----------- ----------- Remeasurement of defined benefit plan obligation 5.1 and 11.1 2 (34) ------------------------------------- ------------- ----------- ----------- Change in fair value of financial assets remeasured through other comprehensive income* 12.3 and 11.1 -- 186 ------------------------------------- ------------- ----------- ----------- Tax on items of other comprehensive income that will not be reclassified subsequently to profit or loss 11.1 (2) 1 ------------------------------------- ------------- ----------- ----------- TOTAL OTHER COMPREHENSIVE INCOME (LOSS), AFTER TAX (230) 565 ------------------------------------- ------------- ----------- ----------- COMPREHENSIVE INCOME FROM CONTINUING OPERATIONS 476 772 ------------------------------------- ------------- ----------- ----------- COMPREHENSIVE INCOME (LOSS) FROM DISCONTINUED OPERATIONS -- (28) ------------------------------------- ------------- ----------- ----------- COMPREHENSIVE INCOME 476 744 ------------------------------------- ------------- ----------- ----------- Of which: ------------------------------------- ------------- ----------- ----------- Attributable to equity holders of the parent 466 733 ------------------------------------- ------------- ----------- ----------- Comprehensive income from continuing operations -- Attributable to equity holders of the parent 466 762 ------------------------------------- ------------- ----------- ----------- Comprehensive income from discontinued operations -- Attributable to equity holders of the parent -- (29) ------------------------------------- ------------- ----------- ----------- Attributable to non-controlling interests 10 11 ------------------------------------- ------------- ----------- ----------- Comprehensive income from continuing operations -- Attributable to non-controlling interests 10 9 ------------------------------------- ------------- ----------- ----------- Comprehensive income from discontinued operations -- Attributable to non-controlling interests -- 2 ------------------------------------- ------------- ----------- -----------
* Including for Fiscal 2024 the remeasurement at fair value of the financial assets of Pluxee (formerly the Benefits & Rewards Services activity) reclassified as assets held for sale or distribution prior to the spin-off.
2.3 Consolidated statement of financial position
Assets
(in millions of euros) NOTES AUGUST 31, 2025 AUGUST 31, 2024 Goodwill 6.1 5,404 5,564 ----------------------------- ------------- --------------- --------------- Other intangible assets 6.2 507 436 ----------------------------- ------------- --------------- --------------- Property, plant and equipment 6.3 571 552 ----------------------------- ------------- --------------- --------------- Right-of-use assets 7.2 616 673 ----------------------------- ------------- --------------- --------------- Client investments 4.4 698 712 ----------------------------- ------------- --------------- --------------- Investments in companies accounted for using the equity method 8 71 71 ----------------------------- ------------- --------------- --------------- Non-current financial assets 12.3 and 12.5 383 358 ----------------------------- ------------- --------------- --------------- Other non-current assets 120 62 ----------------------------- ------------- --------------- --------------- Deferred tax assets 9.3 154 199 ----------------------------- ------------- --------------- --------------- NON-CURRENT ASSETS 8,524 8,627 ----------------------------- ------------- --------------- --------------- Current financial assets 12.3 and 12.5 45 61 ----------------------------- ------------- --------------- --------------- Inventories 304 322 ----------------------------- ------------- --------------- --------------- Income tax receivable 130 148 ----------------------------- ------------- --------------- --------------- Trade receivables and other current operating assets 4.3 3,755 3,702 ----------------------------- ------------- --------------- --------------- Cash and cash equivalents 12.2 2,091 2,137 ----------------------------- ------------- --------------- --------------- Assets held for sale -- 27 ----------------------------- ------------- --------------- --------------- CURRENT ASSETS 6,325 6,397 ----------------------------- ------------- --------------- --------------- TOTAL ASSETS 14,849 15,024 ----------------------------- ------------- --------------- ---------------
Shareholders' equity and liabilities
(in millions of euros) NOTES AUGUST 31, 2025 AUGUST 31, 2024 Share capital 590 590 ----------------------------- ------------- --------------- --------------- Additional paid-in capital 248 248 ----------------------------- ------------- --------------- --------------- Reserves and retained earnings 2,948 2,944 ----------------------------- ------------- --------------- --------------- EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 3,786 3,782 ----------------------------- ------------- --------------- --------------- NON-CONTROLLING INTERESTS 13 16 ----------------------------- ------------- --------------- --------------- TOTAL SHAREHOLDERS' EQUITY 11.1 3,799 3,798 ----------------------------- ------------- --------------- --------------- Non-current borrowings 12.4 and 12.5 3,962 4,011 ----------------------------- ------------- --------------- --------------- Non-current lease liabilities 7.1 509 581 ----------------------------- ------------- --------------- --------------- Employee benefits 5.1 259 274 ----------------------------- ------------- --------------- --------------- Other non-current liabilities 4.3 256 181 ----------------------------- ------------- --------------- --------------- Non-current provisions 10.1 95 108 ----------------------------- ------------- --------------- --------------- Deferred tax liabilities 9.3 131 149 ----------------------------- ------------- --------------- --------------- NON-CURRENT LIABILITIES 5,212 5,304 ----------------------------- ------------- --------------- --------------- Bank overdrafts 12.2 1 3 ----------------------------- ------------- --------------- --------------- Current borrowings 12.4 and 12.5 819 725 ----------------------------- ------------- --------------- --------------- Current lease liabilities 7.1 155 147 ----------------------------- ------------- --------------- --------------- Income tax payable 135 325 ----------------------------- ------------- --------------- --------------- Current provisions 10.1 58 66 ----------------------------- ------------- --------------- --------------- Trade and other payables 4.3 4,670 4,648 ----------------------------- ------------- --------------- --------------- Liabilities directly associated with assets held for sale -- 8 ----------------------------- ------------- --------------- --------------- CURRENT LIABILITIES 5,838 5,922 ----------------------------- ------------- --------------- --------------- TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 14,849 15,024 ----------------------------- ------------- --------------- ---------------
2.4 Consolidated cash flow statement
(in millions of euros) NOTES FISCAL 2025 FISCAL 2024 Operating profit 985 1,051 --------------------------------------------- ----- ----------- ----------- Depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets((1) 490 470 --------------------------------------------- ----- ----------- ----------- Payment of client investments during the year((2) (167) (147) --------------------------------------------- ----- ----------- ----------- Amortization of client investments during the year((2) 4.4 131 135 --------------------------------------------- ----- ----------- ----------- Provisions (16) (32) --------------------------------------------- ----- ----------- ----------- (Gains) losses on disposals and dilution (10) (83) --------------------------------------------- ----- ----------- ----------- Other non-cash items 28 29 --------------------------------------------- ----- ----------- ----------- Dividends received from companies accounted for using the equity method 8 10 7 --------------------------------------------- ----- ----------- ----------- Interest paid((3) (116) (148) --------------------------------------------- ----- ----------- ----------- Interest received((3) 72 111 --------------------------------------------- ----- ----------- ----------- Interest paid on lease liabilities (26) (23) --------------------------------------------- ----- ----------- ----------- Income tax paid (348) (179) --------------------------------------------- ----- ----------- ----------- Operating cash flow 1,033 1,191 --------------------------------------------- ----- ----------- ----------- Change in inventories 9 (2) --------------------------------------------- ----- ----------- ----------- Change in trade receivables and other current operating assets (249) (213) --------------------------------------------- ----- ----------- ----------- Change in trade and other payables 171 172 --------------------------------------------- ----- ----------- ----------- Change in working capital relating to operating activities (69) (43) --------------------------------------------- ----- ----------- ----------- Net cash provided by/(used in) operating activities -- continuing operations 964 1,148 --------------------------------------------- ----- ----------- ----------- Net cash provided by/(used in) operating activities -- discontinued operations -- 172 --------------------------------------------- ----- ----------- ----------- NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES 964 1,320 --------------------------------------------- ----- ----------- ----------- Acquisitions of property, plant and equipment and intangible assets (333) (358) --------------------------------------------- ----- ----------- ----------- Disposals of property, plant and equipment and intangible assets 16 35 --------------------------------------------- ----- ----------- ----------- Change in financial assets and share of companies consolidated by the equity method 20 35 --------------------------------------------- ----- ----------- ----------- Acquisition of subsidiaries, net of cash acquired 3 (104) (92) --------------------------------------------- ----- ----------- ----------- Disposal of subsidiaries, net of cash transferred 3 11 1,073 --------------------------------------------- ----- ----------- ----------- Net cash provided by/(used in) investing activities -- continuing operations (390) 693 --------------------------------------------- ----- ----------- ----------- Net cash provided by/(used in) investing activities -- discontinued operations -- (1,740) --------------------------------------------- ----- ----------- ----------- NET CASH USED IN INVESTING ACTIVITIES (390) (1,047) --------------------------------------------- ----- ----------- ----------- Dividends paid to Sodexo S.A. shareholders 11.1 (388) (1,373) --------------------------------------------- ----- ----------- ----------- Dividends paid to non-controlling shareholders of consolidated companies (14) (4) --------------------------------------------- ----- ----------- ----------- Purchases of treasury shares 11.1 (83) (51) --------------------------------------------- ----- ----------- ----------- Sales of treasury shares 11.1 (4) (1) --------------------------------------------- ----- ----------- ----------- Change in non-controlling interests -- -- --------------------------------------------- ----- ----------- ----------- Proceeds from borrowings 12.4 1,838 389 --------------------------------------------- ----- ----------- ----------- Repayment of borrowings 12.4 (1,691) (1,212)
--------------------------------------------- ----- ----------- ----------- Repayments of lease liabilities 7.1 (188) (165) --------------------------------------------- ----- ----------- ----------- Net cash provided by/(used in) financing activities -- continuing operations (530) (2,417) --------------------------------------------- ----- ----------- ----------- Net cash provided by/(used in) financing activities -- discontinued operations -- 1,065 --------------------------------------------- ----- ----------- ----------- NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES (530) (1,352) --------------------------------------------- ----- ----------- ----------- NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASH (88) (17) --------------------------------------------- ----- ----------- ----------- Net effect of exchange rates and other effects on cash -- continuing operations (88) 9 --------------------------------------------- ----- ----------- ----------- Net effect of exchange rates and other effects on cash -- discontinued operations -- (26) --------------------------------------------- ----- ----------- ----------- CHANGE IN NET CASH AND CASH EQUIVALENTS (44) (1,096) --------------------------------------------- ----- ----------- ----------- NET CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,134 3,230 --------------------------------------------- ----- ----------- ----------- of which Net cash and cash equivalents, beginning of year -- continuing operations 2,134 2,025 --------------------------------------------- ----- ----------- ----------- of which Net cash and cash equivalents, beginning of year -- discontinued operations -- 1,205 --------------------------------------------- ----- ----------- ----------- NET CASH AND CASH EQUIVALENTS, END OF YEAR 12.2 2,090 2,134 --------------------------------------------- ----- ----------- ----------- of which Net cash and cash equivalents, end of year -- continuing operations 2,090 2,134 --------------------------------------------- ----- ----------- ----------- of which Net cash and cash equivalents, end -- -- of year -- discontinued operations --------------------------------------------- ----- ----------- -----------
(1) Including 197 million euros corresponding to the depreciation of right-of-use assets recognized in Fiscal 2025 in accordance with IFRS 16 (179 million euros recognized in Fiscal 2024).
(2) As from the first half of Fiscal 2025, payments and amortization of client investments are reported separately.
Previously, they were reported as a change in client investments. This change in presentation has been reflected in the comparative information for Fiscal 2024.
(3) As from the first half of Fiscal 2025, interest received and interest paid are reported separately.
Previously, they were reported as net interest expense paid. This change in presentation has been reflected in the comparative information for Fiscal 2024.
2.5 Consolidated statement of changes in shareholders' equity
TOTAL SHAREHOLDERS' EQUITY
---------------- ----------- ------- ---------- ------------ ----------- ------------------------------------
ATTRIBUTABLE
NUMBER OF ADDITIONAL CURRENCY TO EQUITY
(in millions of SHARES SHARE PAID-IN CONSOLIDATED TRANSLATION HOLDERS OF NON-CONTROLLING
euros) OUTSTANDING CAPITAL CAPITAL RESERVES RESERVE THE PARENT INTERESTS TOTAL
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Notes 11.1 11.1
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
SHAREHOLDERS'
EQUITY AS OF
AUGUST 31,
2024 147,454,887 590 248 3,342 (399) 3,782 16 3,798
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Net profit 695 695 11 706
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Other
comprehensive
income (loss),
net of tax -- (229) (229) (1) (230)
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Comprehensive
income 695 (229) 466 10 476
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Dividends paid (388) (388) (8) (396)
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Treasury share
transactions (87) (87) (87)
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Share-based
payment (net of
income tax) 33 33 33
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Change in
ownership
interest without
any change of
control -- -- -- --
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
Other (20) (20) (5) (25)
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
SHAREHOLDERS'
EQUITY AS OF
AUGUST 31,
2025 147,454,887 590 248 3,575 (628) 3,786 13 3,799
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -----
TOTAL SHAREHOLDERS' EQUITY
---------------- ----------- ------- ---------- ------------ ----------- --------------------------------------
ATTRIBUTABLE
NUMBER OF ADDITIONAL CURRENCY TO EQUITY
(in millions of SHARES SHARE PAID-IN CONSOLIDATED TRANSLATION HOLDERS OF NON-CONTROLLING
euros) OUTSTANDING CAPITAL CAPITAL RESERVES RESERVE THE PARENT INTERESTS TOTAL
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
Notes 11.1 11.1
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
SHAREHOLDERS'
EQUITY AS OF
AUGUST 31,
2023 147,454,887 590 248 4,514 (811) 4,542 12 4,554
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
Net profit 168 168 11 179
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
Other
comprehensive
income (loss),
net of tax* 153 412 565 -- 565
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
Comprehensive
income 321 412 733 11 744
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
Dividends paid (1,373) (1,373) (4) (1,377)
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
Distribution of
Pluxee shares (96) (96) (7) (103)
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
Treasury share
transactions (52) (52) (52)
---------------- ----------- ------- ---------- ------------ ----------- ------------ --------------- -------
Share-based
payment (net of
income tax) 37 37 37
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