| (in million euros) | FISCAL 2025 | FISCAL 2024 |
|---|---|---|
| Operating cash flow(1) | Operating cash flow (1)FISCAL 2025 1,200 |
Operating cash flow (1)FISCAL 2024 1,338 |
| Change in working capital | Change in working capital FISCAL 2025 (69) |
Change in working capital FISCAL 2024 (43) |
| IFRS 16 leases outflow | IFRS 16 leases outflow FISCAL 2025 (188) |
IFRS 16 leases outflow FISCAL 2024 (165) |
| Net capital expenditure (including new client investments) | Net capital expenditure (including new client investments) FISCAL 2025 (484) |
Net capital expenditure (including new client investments) FISCAL 2024 (469) |
| Free cash flow(2) | Free cash flow(2) FISCAL 2025 459 |
Free cash flow(2) FISCAL 2024 661 |
| Net acquisitions | Net acquisitions FISCAL 2025 (93) |
Net acquisitions FISCAL 2024 986 |
| Share buy-backs | Share buy-backs FISCAL 2025 (83) |
Share buy-backs FISCAL 2024 (51) |
| Dividends paid to shareholders | Dividends paid to shareholders FISCAL 2025 (388) |
Dividends paid to shareholders FISCAL 2024 (1,373) |
| Other changes (including scope and exchange rates) | Other changes (including scope and exchange rates) FISCAL 2025 18 |
Other changes (including scope and exchange rates) FISCAL 2024 95 |
| (Increase)/decrease in net debt | (Increase)/decrease in net debt FISCAL 2025 (87) |
(Increase)/decrease in net debt FISCAL 2024 318 |
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.
| (in million euros) | AUGUST 31, 2025 | AUGUST 31, 2024 | (in million euros) | AUGUST 31, 2025 | AUGUST 31, 2024 |
|---|---|---|---|---|---|
| Non-current assets | Non-current assets AUGUST 31, 20258,524 |
Non-current assets AUGUST 31, 20248,627 |
Non-current assets (in million euros)Shareholders’ equity |
Non-current assets AUGUST 31, 20253,786 |
Non-current assets AUGUST 31, 20243,782 |
| Current assets excluding cash | Current assets excluding cash AUGUST 31, 20254,234 |
Current assets excluding cash AUGUST 31, 20244,233 |
Current assets excluding cash (in million euros)Non-controlling interests |
Current assets excluding cash AUGUST 31, 202513 |
Current assets excluding cash AUGUST 31, 202416 |
AUGUST 31, 2025
|
AUGUST 31, 2024
|
(in million euros) Non-current liabilities |
AUGUST 31, 2025 5,212 |
AUGUST 31, 2024 5,304 |
|
| Cash and cash equivalent | Cash and cash equivalent AUGUST 31, 20252,091 |
Cash and cash equivalent AUGUST 31, 20242,137 |
Cash and cash equivalent (in million euros)Current liabilities |
Cash and cash equivalent AUGUST 31, 20255,838 |
Cash and cash equivalent AUGUST 31, 20245,914 |
| Asset held for sale | Asset held for sale AUGUST 31, 2025— |
Asset held for sale AUGUST 31, 202427 |
Asset held for sale (in million euros)Liabilities held for sale |
Asset held for sale AUGUST 31, 2025— |
Asset held for sale AUGUST 31, 20248 |
| TOTAL ASSETS | TOTAL ASSETSAUGUST 31, 202514,849 | TOTAL ASSETSAUGUST 31, 202415,024 | TOTAL ASSETS(in million euros)TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | TOTAL ASSETSAUGUST 31, 202514,849 | TOTAL ASSETSAUGUST 31, 202415,024 |
| (in million euros) | AUGUST 31, 2025 | AUGUST 31, 2024 |
|---|---|---|
| Gross debt | Gross debt AUGUST 31, 20254,777 |
Gross debt AUGUST 31, 20244,734 |
| Net debt | Net debt AUGUST 31, 20252,687 |
Net debt AUGUST 31, 20242,600 |
| Gearing ratio | Gearing ratio AUGUST 31, 202571% |
Gearing ratio AUGUST 31, 202468% |
| Net debt ratio (net debt/EBITDA) | Net debt ratio (net debt/EBITDA) AUGUST 31, 20251.8x |
Net debt ratio (net debt/EBITDA) AUGUST 31, 20241.7x |
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 1.1 billion U.S. dollar bond issuance in two tranches: 600 million U.S. dollar maturing in August 2030 (5.15% coupon) and 500 million U.S. dollar 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 172.3 million U.S. dollar of the Group's outstanding 2026 notes (1.634% coupon), representing 34.5% of the tranche.
