Sodexo A busy July: Q3 on 2 July; Strategy update on 16 July

Research evidence excerpt

Sodexo A busy July: Q3 on 2 July; Strategy update on 16 July

J P M O R G A N Europe Equity Research

28 May 2026

Sodexo Neutral

EXHO.PA, SW FP

A busy July: Q3 on 2 July; Strategy update on 16 July Price (27 May 26):€45.86

Price Target (Dec-27):€41.00

Sodexo reports Q3 on 2nd July, followed by a strategy update on 16th July European Leisure, Hotels & Gaming

AC(afternoon). We expect limited read-through from Q3, with little sign of improved Estelle Weingrod

contract momentum; focus should instead be on the strategy update, where (44-20) 7742-8502

management will set out FY 27 guidance and mid-term targets. estelle.weingrod@jpmorgan.com

J.P. Morgan Securities plc

After a series of profit warnings over the past 15 months - and with FY 27 shaping Karan Puri

up as another transition year, marked by higher investment - the key question is (44-20) 7742-8342

whether the business will be able to move beyond this disruption and whether the karan.puri@jpmorgan.com

new CEO, who is also new to the catering sector, can articulate a confident and

Avni Garg

credible path to improved performance. Given the scale of the restructuring -

(91-22) 6157-3431

including replacement of ~2/3 of North America leadership (including segment avni.garg@jpmchase.com

and functional heads) - we expect contract momentum to recover only slowly, with J.P. Morgan India Private Limited

inherent industry latency limiting near-term progress. Overall, with the market still

skeptical on the name and short interest elevated, management may use the strategy Specialist Sales contact details:

update to sharpen the turnaround narrative after conservative Q2 messaging Olivia Petronilho - Specialist Sales -

(shares down 11% on the day). We keep our Neutral stance on the shares. European Consumer

(44-20) 3493-3709