Fiscal 2025 marked the conclusion of our 2025 strategic plan. It was a year of contrasts, with solid momentum in many areas and growth below initial expectations in others, particularly in North America where retention pressures weighed on performance.
Organic revenue growth was +3.3%. Underlying operating profit margin reached 4.7%, up +10 basis points year on year at constant currencies, both in line with our revised guidance.
Client retention, measured on an annualized revenue basis, was 94%, reflecting the loss of a large FM global account (–50 bps impact) and weaker performance in U.S. Education. New signings totaled €1.7 billion, with a strong start to the year followed by a softer second half, partly mitigated by successful cross-selling.
Over the past three years, 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. Looking ahead, we will focus on margin recovery through procurement and contract discipline, reinforcing commercial competitiveness in North America, and continuing to drive client development, innovation, and service quality. With these priorities, we enter Fiscal 2026 with a realistic view of our challenges and a clear path to stronger value creation.
Acquisition of CRH Catering: in January 2025, Sodexo accelerated its expansion in the 30 billion U.S. dollars convenience market through the acquisition of CRH Catering, one of the largest independent operators in the Mid-Atlantic region, reinforcing the rapid expansion of InReach.
Acquisition of Grupo Mediterránea: in July 2025, Sodexo announced the signing of a Share Purchasing Agreement to acquire Grupo Mediterránea, one of Spain’s leading food service providers, with annual revenues of approximately 350 million euros. With this acquisition, Sodexo will double its footprint and become one of the market leaders in food services in Spain, strengthening its positions in key segments, especially in corporate services, healthcare and education.
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.
In Fiscal 2025, Sodexo continued to deliver concrete sustainability results across its business. Through close collaboration with clients, suppliers, and partners, the Group advanced initiatives that directly benefit people, support more sustainable food systems, and reduce environmental impact, while strengthening its long-term business resilience.
This year marked the conclusion of our Better Tomorrow 2025 roadmap, with significant achievements across all priority areas:
Fiscal 2025 also marked a step change in governance and disclosure with the publication of the first sustainability statement under the Corporate Sustainability Reporting Directive (CSRD), reinforcing transparency and stakeholder trust.
Building on this momentum, Sodexo launched Better Tomorrow 2028, the next-generation sustainability roadmap. This roadmap positions its people and clients at the heart of the transition, recognizing them as the key drivers for scaling sustainable solutions and accelerating change. Through Better Tomorrow 2028, Sodexo aims to amplify its positive impact on the planet and society, strengthen the resilience of its business model, and set a new level of ambition for the years ahead.
