In accordance with article L.22-10-9 of the French Commercial Code, the table below presents the ratio between the compensation of the Chief Executive Officer and the average and median compensation of Sodexo employees on a full-time equivalent basis over Fiscal 2021 to 2025.
These ratios were established based on the AFEP guidelines on compensation multiples published on January 28, 2021.
The compensation considered for both CEO and employees includes all fixed and variable components, as well as benefits of all kinds paid over the past five fiscal years. The methodology used to determine and value the compensation components is harmonized across both populations.
Performance share awards are included based on their IFRS grant-date fair value.
The ratios are presented for two scopes: the listed company Sodexo S.A., with a workforce of approximately 500 employees and an extended scope including other Sodexo entities in France, representing approximately 24,600 employees, i.e., 89% of Sodexo's total workforce in France.
| FISCAL 2021 | FISCAL 2022 | FISCAL 2023 | FISCAL 2024 | FISCAL 2025 | |
|---|---|---|---|---|---|
| Company performance | |||||
| Group revenues (in million euros) | Group revenues (in million euros)FISCAL 2021 17,428 |
Group revenues (in million euros)FISCAL 2022 20,263 |
Group revenues (in million euros)FISCAL 2023 22,637 |
Group revenues (in million euros)FISCAL 2024 23,798 |
Group revenues (in million euros)FISCAL 2025 24,074 |
| (year on year variance) | (year on year variance) FISCAL 2021 -9.8% |
(year on year variance) FISCAL 2022 16.3% |
(year on year variance) FISCAL 2023 11.7% |
(year on year variance) FISCAL 2024 5.1% |
(year on year variance) FISCAL 2025 1.2% |
| Group UOP (in million euros) | Group UOP (in million euros)FISCAL 2021 578 |
Group UOP (in million euros)FISCAL 2022 815 |
Group UOP (in million euros)FISCAL 2023 976 |
Group UOP (in million euros)FISCAL 2024 1,109 |
Group UOP (in million euros)FISCAL 2025 1,139 |
| (year on year variance) | (year on year variance) FISCAL 2021 1.6% |
(year on year variance) FISCAL 2022 41.0% |
(year on year variance) FISCAL 2023 19.8% |
(year on year variance) FISCAL 2024 13.6% |
(year on year variance) FISCAL 2025 2.7% |
| Information on extended scope | |||||
| Employee compensation (in euros) | |||||
| Employee average compensation (full time equivalent) | Employee average compensation (full time equivalent) FISCAL 2021 33,047 |
Employee average compensation (full time equivalent) FISCAL 2022 35,382 |
Employee average compensation (full time equivalent) FISCAL 2023 36,704 |
Employee average compensation (full time equivalent) FISCAL 2024 37,146 |
Employee average compensation (full time equivalent) FISCAL 2025 37,971 |
| (year on year variance) | (year on year variance) FISCAL 2021 4.7% |
(year on year variance) FISCAL 2022 7.1% |
(year on year variance) FISCAL 2023 3.7% |
(year on year variance) FISCAL 2024 1.2% |
(year on year variance) FISCAL 2025 2.2% |
| Employee median compensation (full time equivalent) | Employee median compensation (full time equivalent) FISCAL 2021 25,192 |
Employee median compensation (full time equivalent) FISCAL 2022 26,763 |
Employee median compensation (full time equivalent) FISCAL 2023 27,924 |
Employee median compensation (full time equivalent) FISCAL 2024 28,987 |
Employee median compensation (full time equivalent) FISCAL 2025 29,923 |
| (year on year variance) | (year on year variance) FISCAL 2021 1.5% |
(year on year variance) FISCAL 2022 6.2% |
(year on year variance) FISCAL 2023 4.3% |
(year on year variance) FISCAL 2024 3.8% |
(year on year variance) FISCAL 2025 3.2% |
| Group Chief Executive Officer | |||||
| Annual compensation (in euros) | Annual compensation (in euros)FISCAL 2021 2,594,682 |
Annual compensation (in euros)FISCAL 2022 882,402 |
Annual compensation (in euros)FISCAL 2023 3,482,906 |
Annual compensation (in euros)FISCAL 2024 3,845,834 |
Annual compensation (in euros)FISCAL 2025 2,938,991 |
| (year on year variance) | (year on year variance) FISCAL 2021 64.1% |
(year on year variance) FISCAL 2022 -66.0% |
(year on year variance) FISCAL 2023 294.7% |
(year on year variance) FISCAL 2024 10.4% |
(year on year variance) FISCAL 2025 -23.6% |
| Ratio versus employee average compensation | Ratio versus employee average compensation FISCAL 2021 79 |
Ratio versus employee average compensation FISCAL 2022 25 |
Ratio versus employee average compensation FISCAL 2023 95 |
Ratio versus employee average compensation FISCAL 2024 104 |
Ratio versus employee average compensation FISCAL 2025 77 |
| (year on year variance) | (year on year variance) FISCAL 2021 56.7% |
(year on year variance) FISCAL 2022 -68.2% |
(year on year variance) FISCAL 2023 280.5% |
(year on year variance) FISCAL 2024 9.1% |
(year on year variance) FISCAL 2025 -25.2% |
| Ratio versus employee median compensation | Ratio versus employee median compensation FISCAL 2021 103 |
Ratio versus employee median compensation FISCAL 2022 33 |
Ratio versus employee median compensation FISCAL 2023 125 |
Ratio versus employee median compensation FISCAL 2024 133 |
Ratio versus employee median compensation FISCAL 2025 98 |
| (year on year variance) | (year on year variance) FISCAL 2021 61.6% |
(year on year variance) FISCAL 2022 -68.0% |
(year on year variance) FISCAL 2023 278.3% |
(year on year variance) FISCAL 2024 6.4% |
(year on year variance) FISCAL 2025 -26.0% |
| Information on Sodexo S.A. | |||||
| Employee compensation - Sodexo S.A. (in euros) | |||||
| Employee average compensation (full time equivalent) | Employee average compensation (full time equivalent) FISCAL 2021 148,412 |
Employee average compensation (full time equivalent) FISCAL 2022 138,278 |
Employee average compensation (full time equivalent) FISCAL 2023 157,372 |
Employee average compensation (full time equivalent) FISCAL 2024 152,975 |
Employee average compensation (full time equivalent) FISCAL 2025 145,086 |
| (year on year variance) | (year on year variance) FISCAL 2021 26.0% |
(year on year variance) FISCAL 2022 -6.8% |
(year on year variance) FISCAL 2023 13.8% |
(year on year variance) FISCAL 2024 -2.8% |
(year on year variance) FISCAL 2025 -5.2% |
| Employee median compensation (full time equivalent) | Employee median compensation (full time equivalent) FISCAL 2021 103,519 |
Employee median compensation (full time equivalent) FISCAL 2022 92,494 |
Employee median compensation (full time equivalent) FISCAL 2023 96,588 |
Employee median compensation (full time equivalent) FISCAL 2024 100,399 |
Employee median compensation (full time equivalent) FISCAL 2025 97,958 |
| (year on year variance) | (year on year variance) FISCAL 2021 15.3% |
(year on year variance) FISCAL 2022 -10.7% |
(year on year variance) FISCAL 2023 4.4% |
(year on year variance) FISCAL 2024 3.9% |
(year on year variance) FISCAL 2025 -2.4% |
| Group Chief Executive Officer | |||||
| Ratio versus employee average compensation | Ratio versus employee average compensation FISCAL 2021 17 |
Ratio versus employee average compensation FISCAL 2022 6 |
Ratio versus employee average compensation FISCAL 2023 22 |
Ratio versus employee average compensation FISCAL 2024 25 |
Ratio versus employee average compensation FISCAL 2025 20 |
| (year on year variance) | (year on year variance) FISCAL 2021 30.2% |
(year on year variance) FISCAL 2022 -63.5% |
(year on year variance) FISCAL 2023 246.8% |
(year on year variance) FISCAL 2024 13.6% |
(year on year variance) FISCAL 2025 -19.4% |
| Ratio versus employee median compensation | Ratio versus employee median compensation FISCAL 2021 25 |
Ratio versus employee median compensation FISCAL 2022 10 |
Ratio versus employee median compensation FISCAL 2023 36 |
Ratio versus employee median compensation FISCAL 2024 38 |
Ratio versus employee median compensation FISCAL 2025 30 |
| (year on year variance) | (year on year variance) FISCAL 2021 42.3% |
(year on year variance) FISCAL 2022 -61.9% |
(year on year variance) FISCAL 2023 278.0% |
(year on year variance) FISCAL 2024 6.2% |
(year on year variance) FISCAL 2025 -21.7% |
Fiscal 2021
The compensation indicated for the Chief Executive Officer is that of Denis Machuel for a full year. His fixed compensation was reestablished and paid at the target level. His variable compensation for Fiscal 2020 was not paid following the cancellation decided by the Board of Directors given the health crisis linked to the Covid-19 pandemic. He received a grant of performance shares.
Sodexo employees did not receive variable compensation for Fiscal 2020 since the applicable objectives were not reached due to the health crisis. During Fiscal 2021, eligible Sodexo employees received variable compensation for the first half of the fiscal year in advance.
Fiscal 2022
The compensation indicated for the Chief Executive Officer is that of the Chairwoman and CEO (Sophie Bellon). It includes the compensation she received in September 2021 in her role as Chairwoman of the Board of Directors, then that received from October 2022 for her roles as Chairwoman of the Board of Directors and interim Chief Executive Officer, and then as Chairwoman and CEO. The Chairwoman and CEO did not receive any variable compensation in Fiscal 2021 due to the fact that she was not eligible in her role as Chairwoman of the Board of Directors. She did not receive any performance share grants.
Fiscal 2023, 2024 and 2025
The compensation figures reported for the Chief Executive Officer correspond to those of the Chairwoman and CEO (Sophie Bellon). They include the fixed compensation paid during the relevant fiscal year, the variable compensation paid in respect of the previous fiscal year and the performance shares granted during the fiscal year (see Section 7.3.2.1 of this document for further details on Fiscal 2025 compensation).
