Integrated Report Fiscal 2025

Fiscal 2025 performance

A year of mixed performance

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%. 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.

North America delivered +2.8% organic growth, reflecting strong results in Sodexo Live! and Business & Administration, solid underlying momentum in Healthcare despite timing effects, and 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 steady 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 positions and gain market share. Meanwhile, growth across most countries remained robust.

Fiscal 2025 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.

Group Net profit was 695 million euros, compared to 738 million euros in Fiscal 2024. Underlying net profit amounted to 785 million euros, up +3.7% at constant currencies. The resulting underlying EPS was 5.37 euros.

Free cash flow amounted to 459 million euros. Working capital was well contained and capex stood at 2% of revenue. As of August 31, 2025, Net debt increased to 2.7 billion euros, from 2.6 billion euros at the end of Fiscal 2024. As a result, the Net debt to EBITDA ratio was 1.8x, compared to 1.7x at the end of Fiscal 2024.