Sodexo (EXHO.PA): Shift & Grow 2030 investor update analysis and model update. Remain Neutral/HR.

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Sodexo (EXHO.PA): Shift & Grow 2030 investor update analysis and model update. Remain Neutral/HR.

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26 Jul 2026 23:00:00 ET │ 15 pages

Sodexo (EXHO.PA)

Shift & Grow 2030 investor update analysis and model update. Remain

Neutral/HR.

CITI'S TAKE Neutral / High Risk

Catalyst Watch: Downside, expires 12-AUG-26

Following Sodexo's Shift & Grow 2030 Investor Update, we update our

Price (24 Jul 26 17:30) €55.50 model to reflect new disclosures from the event and new FY27 guidance.

Target price €59.00↑ We were impressed by CEO Thierry Delaporte's clear diagnosis of historical

underperformance, major investment plans, and identification of several from €55.00

remarkably low-hanging operational improvements (see details below). Expected share price return 6.3%

We are confident that margins and growth will improve in FY28E, but in Expected dividend yield 3.1%

the context of a market with two major competitors performing extremely Expected total return 9.4%

well, and the necessity of a major cultural reset across the organisation, Market Cap €8,184M

we are not yet confident that the FY30 targets will be achieved in their

US$9,303M entirety; ambitious targets with EBIT margins to new peaks and near-

record organic growth (excluding the pandemic). Consequently, with the

stock having performed well and Sodexo already broadly liked by the

market, we maintain our Neutral/HR rating. Leo CarringtonAC

+44-20-7986-0811

Key takeaways from the investor update — We summarize the new CEO's strategic leo.carrington@citi.com

focus across five core pillars: 1) a fundamental pricing strategy reset centered on Ajay Nandal

"pricing-to-win," 2) an organizational shift toward absolute accountability and a +91-22-4277-5017