Q3 Fiscal 2026 revenues above expectations; focus on execution
Issy-les-Moulineaux, July 2, 2026 (7:00 a.m. CEST)
Sodexo (Euronext Paris FR 0000121220-OTC: SDXAY)
- Q3 organic revenue growth of +2.0%
-
Revised Fiscal 2026 organic revenue growth guidance, reflecting stronger-than-expected third-quarter performance; margin guidance maintained
- Organic revenue growth now expected between +1.2% and +1.5% (previously +0.5% to +1%)
- Underlying operating profit margin between 3.2% and 3.4%
- Execution agenda and mid-term ambitions to be presented at an Investor Update in Paris on July 16, 2026
Q3 FISCAL 2026 REVENUES
|
REVENUES (in million euros) |
Q3 FY26 | Q3 FY25 |
ORGANIC GROWTH |
EXTERNAL GROWTH |
CURRENCY EFFECT |
TOTAL GROWTH |
|
| North America | 2,722 | 2,873 | -0.1% | —% | -5.2% | -5.3% | |
| Europe | 2,264 | 2,176 | +0.6% | +4.1% | -0.7% | +4.0% | |
| Rest of the World | 1,188 | 1,072 | +10.6% | -0.6% | +0.9% | +10.8% | |
| TOTAL | 6,174 | 6,121 | +2.0% | +1.4% | -2.5% | +0.9% |
Thierry Delaporte, Chief Executive Officer of Sodexo, said:
"Third-quarter organic growth was above expectations, reflecting resilient demand across the business and the continued focus of our teams on execution. While we entered the quarter with a cautious view of the operating environment, we were able to mitigate a number of risks by capturing opportunities across the portfolio, particularly at Sodexo Live! North America.
We are moving with urgency on our action plan to return to growth, restore competitiveness and strengthen execution capabilities. The organization continues to mobilize behind key transformation priorities. We are seeing encouraging progress in our commercial momentum.
Our Investor Update on July 16 will provide further details on our execution agenda and medium-term ambitions."
Highlights of the period
- Revenues - Third quarter Fiscal 2026 consolidated revenues totaled 6.2 billion euros, reflecting organic revenue growth of +2.0%, a negative currency impact of -2.5%, primarily driven by the depreciation of the U.S. dollar, and a positive contribution from acquisitions and disposals of +1.4%, mainly reflecting the acquisition of Grupo Mediterránea, completed at the end of February 2026.
-
Organic growth by geography for the third quarter:
- North America – Organic growth of -0.1%, or +2.2% excluding the contract reclassification1, impacted by prior contract losses in Education. Healthcare & Seniors continued to deliver solid growth, supported by new contract wins, while Sodexo Live! benefited from high activity levels across stadiums, conference centers and airport lounges, supported by high attendance and strong consumer spending.
- Europe – Organic growth of +0.6%, reflecting the prior loss of a large global FM contract in Business & Administration and continued softer activity in Education. There were especially high comparables for Sodexo Live! following strong prior-year activity, while Healthcare & Seniors remained solid.
- Rest of the World – Organic growth of +10.6%, primarily supported by new contract ramp-ups, mainly in Energy & Resources, with broad-based growth across geographies.
- Financing – As planned, the Group repaid its $328m bond maturing in April 2026 using available cash, simplifying its debt structure and maintaining a balanced maturity profile.
- M&A – On March 5, 2026, Sodexo completed the acquisition of Huis Van Dijck, a Belgian event catering specialist. On April 2, 2026, Entegra, Sodexo's group purchasing organization (GPO), acquired UK-based hospitality procurement company Prestige Purchasing. Both transactions represent targeted bolt-on acquisitions in their respective markets.
-
Sustainability – Sodexo was awarded an EcoVadis Gold Medal, placing the Group among the top 2% of companies assessed in its industry and further validating its ability to deliver sustainable value to clients.
________________________________
1 One-off contract reclassification from gross to net accounting (~100bps annualized impact on revenue over the period from January 2026 to December 2026)
Outlook
Following a stronger-than-expected third-quarter performance, while maintaining a prudent view of the external environment, Sodexo now expects for Fiscal 2026:
- Organic revenue growth between +1.2% and +1.5% (previously +0.5% to +1%)
-
Underlying operating profit margin between 3.2% and 3.4%.
Conference call
Sodexo will hold a conference call (in English) today at 9:00 a.m. (Paris time) / 8:00 a.m. (London time) to comment on its Q3 Fiscal 2026 revenues.
To connect to the call, please dial in using the following telephone numbers:
- From the UK: +44 121 281 8004, or
- From France: +33 1 70 91 87 04, or
- From the US: +1 718 705 8796,
Followed by the access code 07 26 13
The live audio webcast will be available on www.sodexo.com
The press release, presentation and webcast will be available on the Group website www.sodexo.com in both the “Newsroom” section and the “Investors – Financial Results” section.
Financial calendar
| Investor Update (Paris) | July 16, 2026 |
| Fiscal 2026 Annual Results | October 23, 2026 |
| Fiscal 2026 Annual Shareholders Meeting | December 16, 2026 |
These dates are indicative and may be subject to change without notice.
Regular updates are available in the calendar on our website www.sodexo.com
About Sodexo
Founded in Marseille in 1966 by Pierre Bellon, Sodexo is the leader in Food and Services, shaping better everyday experiences at every moment in life: work, heal, learn and play. The Group stands out for its independence, its founding family shareholding and its responsible business model. With its services, Sodexo meets all the challenges of everyday life with a dual goal: to improve the quality of life of our employees and those we serve, and contribute to the economic, social and environmental progress in the communities where we operate. For Sodexo, growth and social commitment go hand in hand. Our purpose is to create a better everyday for everyone to build a better life for all. Sodexo is included in the CAC Next 20, CAC SBT 1.5, FTSE 4 Good and DJSI indices.
Key figures
| • 24.1 billion euros Fiscal 2025 consolidated revenues • 426,000 employees as at August 31, 2025 • #2 France-based private employer worldwide |
• 43 countries (as at August 31, 2025) • 80 million consumers served daily • 7.3 billion euros in market capitalization (as at July 1, 2026) |
| Contacts | ||||
| Analysts and Investors | Media | |||
| Juliette Klein +33 1 57 75 80 27 juliette.klein@sodexo.com |
Mathieu Scaravetti +33 6 28 62 21 91 mathieu.scaravetti@sodexo.com |
|||
Q3 Fiscal 2026 - Appendix
| Q3 REVENUES BY ZONE |
North America
|
REVENUES BY SEGMENT (in million euros) |
Q3 FY26 | Q3 FY25 | ORGANIC GROWTH |
| Business & Administrations | 609 | 739 | -13.2% |
| Sodexo Live! | 430 | 394 | +15.2% |
| Healthcare & Seniors | 898 | 879 | +7.8% |
| Education | 785 | 861 | -4.0% |
| NORTH AMERICA TOTAL | 2,722 | 2,873 | -0.1% |
Europe
|
REVENUES BY SEGMENT (in million euros) |
Q3 FY26 | Q3 FY25 | ORGANIC GROWTH |
| Business & Administrations | 1,190 | 1,195 | —% |
| Sodexo Live! | 153 | 159 | -1.6% |
| Healthcare & Seniors | 567 | 505 | +4.8% |
| Education | 354 | 317 | -2.9% |
| EUROPE TOTAL | 2,264 | 2,176 | +0.6% |
Rest of the World
|
REVENUES BY SEGMENT (in million euros) |
Q3 FY26 | Q3 FY25 | ORGANIC GROWTH |
| Business & Administrations | 1,029 | 915 | +11.9% |
| Sodexo Live! | 14 | 14 | +9.7% |
| Healthcare & Seniors | 94 | 90 | +3.2% |
| Education | 51 | 53 | —% |
| REST OF THE WORLD TOTAL | 1,188 | 1,072 | +10.6% |
| 9M REVENUES BY ZONE |
|
REVENUES (in million euros) |
9M FY26 | 9M FY25 |
ORGANIC GROWTH |
EXTERNAL GROWTH |
CURRENCY EFFECT |
TOTAL GROWTH |
|
| North America | 8,117 | 8,849 | -1.2% | +0.4% | -7.4% | -8.3% | |
| Europe | 6,681 | 6,512 | +2.1% | +1.5% | -1.0% | +2.6% | |
| Rest of the World | 3,393 | 3,235 | +9.7% | -1.6% | -3.2% | +4.9% | |
| TOTAL | 18,191 | 18,596 | +1.8% | +0.4% | -4.4% | -2.2% |
North America
|
REVENUES BY SEGMENT (in million euros) |
9M FY26 | 9M FY25 | ORGANIC GROWTH |
| Business & Administrations | 1,872 | 2,226 | -10.6% |
| Sodexo Live! | 1,153 | 1,183 | +5.4% |
| Healthcare & Seniors | 2,629 | 2,662 | +6.7% |
| Education | 2,463 | 2,778 | -4.2% |
| NORTH AMERICA TOTAL | 8,117 | 8,849 | -1.2% |
Europe
|
REVENUES BY SEGMENT (in million euros) |
9M FY26 | 9M FY25 | ORGANIC GROWTH |
| Business & Administrations | 3,621 | 3,585 | +1.8% |
| Sodexo Live! | 464 | 478 | +0.2% |
| Healthcare & Seniors | 1,603 | 1,484 | +5.8% |
| Education | 993 | 965 | -2.0% |
| EUROPE TOTAL | 6,681 | 6,512 | +2.1% |
Rest of the World
|
REVENUES BY SEGMENT (in million euros) |
9M FY26 | 9M FY25 | ORGANIC GROWTH |
| Business & Administrations | 2,928 | 2,778 | +10.0% |
| Sodexo Live! | 44 | 41 | +16.6% |
| Healthcare & Seniors | 273 | 263 | +8.5% |
| Education | 148 | 153 | +2.9% |
| REST OF THE WORLD TOTAL | 3,393 | 3,235 | +9.7% |
CURRENCY EFFECTS
| 1€= |
AVERAGE RATE 9M FY 2026 |
AVERAGE RATE 9M FY 2025 |
AVERAGE RATE 9M FY 2026 VS. 9M FY 2025 |
CLOSING RATE AT 05/31/2026 |
CLOSING RATE AT 08/31/2025 |
CLOSING RATE 05/31/2026 VS. 08/31/2025 |
| U.S. dollar | 1.169 | 1.081 | -7.5% | 1.164 | 1.166 | +0.1% |
| Pound sterling | 0.872 | 0.836 | -4.1% | 0.867 | 0.867 | —% |
| Brazilian real | 6.153 | 6.259 | +1.7% | 5.875 | 6.325 | +7.7% |
Exchange rate fluctuations do not generate operational risks because each subsidiary bills its revenues and incurs its expenses in the same currency.
The negative currency impact for the first nine-months of Fiscal 2026 of -4.4% was primarily driven by the continued depreciation of the US dollar. This effect was further compounded by the weakening of the British pound, the Canadian dollar and the Indian rupee.
The currency effect is determined by applying the previous year’s average exchange rates to the current year figures.
FINANCIAL POSITION
Apart from the seasonal changes in working capital, there were no material changes in the Group's financial position as of May 31, 2026, relative to that presented in the Fiscal 2025 Universal Registration Document filed with the Autorité des marchés financiers (AMF) on October 31, 2025.
PRINCIPAL RISKS AND UNCERTAINTIES
There were no significant changes to the principal risks and uncertainties identified by the Group in the Risk Factors section of the Fiscal 2025 Universal Registration Document filed with the AMF on October 31, 2025.
ALTERNATIVE PERFORMANCE MEASURE DEFINITIONS
Growth excluding currency effect
The currency effect is determined by applying the previous year’s average exchange rates to the current year figures except in hyper-inflationary economies where all figures are converted at the latest closing rate for both periods when the impact is significant.
Organic growth
Organic growth corresponds to the increase in revenue for a given period (the “current period”) compared to the revenue reported for the same period of the prior fiscal year, calculated using the exchange rate for the prior fiscal year; and excluding the impact of business acquisitions (or gain of control) and divestments, as follows:
- for businesses acquired (or gain of control) during the current period, revenue generated since the acquisition date is excluded from the organic growth calculation;
- for businesses acquired (or gain of control) during the prior fiscal year, revenue generated during the current period up until the first anniversary date of the acquisition is excluded;
- for businesses divested (or loss of control) during the prior fiscal year, revenue generated in the comparative period of the prior fiscal year until the divestment date is excluded;
- for businesses divested (or loss of control) during the current fiscal year, revenue generated in the period commencing 12 months before the divestment date up to the end of the comparative period of the prior fiscal year is excluded.
Underlying operating profit margin
The Underlying operating profit margin corresponds to Underlying operating profit divided by revenues.
Underlying operating profit margin at constant rates
The Underlying operating profit margin at constant rates corresponds to Underlying operating profit divided by revenues, calculated by converting Fiscal 2026 figures at Fiscal 2025 rates, except for countries with hyperinflationary economies.
Attachment
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