Sodexo (EXHO.PA): CMD: FY27 another transition year; FY30 guidance ahead of consensus - but focus remains on deliverability

研报英文原文证据摘录

Sodexo (EXHO.PA): CMD: FY27 another transition year; FY30 guidance ahead of consensus - but focus remains on deliverability

Equity Research

16 July 2026 | 7:24AM BST

Sodexo (EXHO.PA): CMD: FY27 another transition year; FY30 guidance

ahead of consensus - but focus remains on deliverability

Sodexo is hosting a CMD today (16 July) in Paris, at which the company will outline its Ben Andrews, CFA

+44(20)7774-5489 |

new strategic plan, ‘Shift & Grow 2030’. New targets under the plan include: ben.andrews@gs.com

Goldman Sachs International

1. 2027 another transition year implying a downgrade to sell-side consensus: Poppy Boyd-Taylor

+44(20)7774-2994 | poppy.boyd-

Organic revenue growth guidance of 2-3% (broadly in-line with expectations vs. taylor@gs.com Goldman Sachs International

Visible Alpha Consensus Data/GSe at: +2.7%/+2.4%), and underlying operating Leo Mose

profit margin guidance of between 3.2% and 3.4% (below cons/GSe both at: +44(20)7051-2439 | leo.mose@gs.com Goldman Sachs International

+3.6%). The midpoint of this updated 2027 guidance implies another c.7% cut to

consensus operating profit expectations, all else equal. Management framed

2027 as transition year, similar to 2026, with a focus on strengthening

commercial capabilities and accelerating investments — with progressive

benefits expected to start materializing from 2028 onwards.

2. 2030 guidance ahead of consensus, but focus remains on deliverability:

Organic revenue growth of above +5% (vs. cons/GSe at: +3.8%/+4.0%) including

net new business above +3%; underlying operating profit margin of above 5%

(vs. cons/GSe both at: +4.4%).

The strategy revolves around a framework to improve growth and restore

competitiveness and includes three main pillars: (1) rebuilding growth, (2) simplifying