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.
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.
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.
Exchange rate fluctuations do not generate operational risks, because each subsidiary bills its revenues and incurs its expenses in the same currency.
| €1= | AVERAGE RATE FY 2025 | AVERAGE RATE FY 2024 | AVERAGE RATE FY 2025 | CLOSING RATE AT 08/31/2025 | CLOSING RATE AT 08/31/2024 | CLOSING RATE 08/31/2025 VS. 08/31/2024 |
|---|---|---|---|---|---|---|
| U.S. dollar | U.S. dollar AVERAGE RATE FY 2025 1.100 |
U.S. dollar AVERAGE RATE FY 2024 1.082 |
U.S. dollar AVERAGE RATE FY 2025 -1.6% |
U.S. dollar CLOSING RATE AT 08/31/2025 1.166 |
U.S. dollar CLOSING RATE AT 08/31/2024 1.109 |
U.S. dollar CLOSING RATE 08/31/2025 VS. 08/31/2024 -4.9 % |
| Pound Sterling | Pound Sterling AVERAGE RATE FY 2025 0.842 |
Pound Sterling AVERAGE RATE FY 2024 0.857 |
Pound Sterling AVERAGE RATE FY 2025 +1.9 % |
Pound Sterling CLOSING RATE AT 08/31/2025 0.867 |
Pound Sterling CLOSING RATE AT 08/31/2024 0.841 |
Pound Sterling CLOSING RATE 08/31/2025 VS. 08/31/2024 -3.0% |
| Brazilian real | Brazilian real AVERAGE RATE FY 2025 6.295 |
Brazilian real AVERAGE RATE FY 2024 5.543 |
Brazilian real AVERAGE RATE FY 2025 -11.9 % |
Brazilian real CLOSING RATE AT 08/31/2025 6.325 |
Brazilian real CLOSING RATE AT 08/31/2024 6.216 |
Brazilian real CLOSING RATE 08/31/2025 VS. 08/31/2024 -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:
| FISCAL 2025 | % OF REVENUES | % OF UNDERLYING OPERATING PROFIT |
|---|---|---|
| U.S. dollar | U.S. dollar % OF REVENUES 44 % |
U.S. dollar % OF UNDERLYING OPERATING PROFIT 60 % |
| Euro | Euro % OF REVENUES 23 % |
Euro % OF UNDERLYING OPERATING PROFIT 3 % |
| UK pound Sterling | UK pound Sterling % OF REVENUES 9 % |
UK pound Sterling % OF UNDERLYING OPERATING PROFIT 10 % |
| Brazilian real | Brazilian real % OF REVENUES 4 % |
Brazilian real % OF UNDERLYING OPERATING PROFIT 7 % |
The currency effect is determined by applying the previous year's average exchange rates to the current year figures.
For Fiscal 2026, in line with current operational priorities, Sodexo provides the following outlook:
No major events have occurred since the closing of Fiscal year 2025.
