Sodexo: Reset, but constrained: CMD feedback

Research evidence excerpt

Sodexo: Reset, but constrained: CMD feedback

Sabrina Blanc +33 1 42 13 47 32 sabrina.blanc@bernsteinsg.com 17 July 2026

EXHIBIT 1: Breakdown of Sodexo's priorities over geographies, segments and services

Geographies Segments Services

10 Core Markets 3 Global Priorities Food

Prioritize core countries ● Corporate Core food services complemented

with future market growth ● Healthcare by convenience and retail solutions

● Sports & Leisure, incl. Airport Lounges

30+ Protect & Grow 10 Core Markets FM and other services

Protect leardership and margin, Local priorities depending on market Faciliy management services as a growth

support client growth tailwinds and opportunity engine to open and expand accounts

(e.g., Education U.S, E&R in few countries

Source: Sodexo, Bernstein analysis

FINANCIAL FRAMEWORK AND INVESTMENT

• Fiscal 2026–2027 are rebuilding years, with guidance for FY27 of 2–3% organic revenue growth and an underlying

operating margin broadly in line with FY26 at 3.2–3.4%, reflecting continued investment. This points to an EBIT range of

€770–830m, c.10% to 4% below company-compiled consensus.

• The plan includes a significant investment program of about €100m per year in commercial capabilities, capex at 2.5–3%

of revenues (contracts and tech), and around €1bn targeted at technology, data and workforce transformation, including

restructuring costs below underlying operating profit.

• Sodexo is targeting organic growth of above 5% from FY28 and an operating margin of above 5% by FY30, supported by

improved supply, workforce productivity and standardised processes.

EXHIBIT 2: Sodexo's projected medium-term margin trajectory - expected to reach >5% through 2030

>5.0%

Other incl.

Investment phase-

Broadly out (+) and

in-line Workforce commercial