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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Sodexo
Sodexo (SW) investor relations material
Sodexo Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 TU earnings summary8 Jan, 2026
Executive summary
Q1 FY26 revenue reached €6.3 billion, with organic growth of 1.8% year-over-year, broadly in line with expectations, and a negative 4% currency effect; negligible M&A impact.
North America saw organic growth of -1.5% due to contract exits, tough prior-year comparables, and currency headwinds, partially offset by new healthcare contracts.
Europe delivered 2.4% organic growth, driven by new contracts in business, industry, and healthcare, offsetting high prior-year comparables and softer education trends.
Rest of the world posted strong organic growth above 10%, led by Australia, India, Brazil, and Chile.
CEO Thierry Delaporte emphasized client centricity, operational efficiency, and investment in people, with direct oversight of North America and initial actions underway.
Financial highlights
Organic revenue growth for Q1 was 1.8%; pricing contributed just under 2.5%, net new contracts had a -1% impact, and like-for-like volume was slightly positive at 0.5%.
Total Q1 revenue was €6,260 million, down from €6,403 million in Q1 FY25, mainly due to a -4.0% negative currency impact.
Excluding the Paralympics effect, organic growth would have been 2.1%.
North America revenues declined by -6.5% year-over-year, with a significant -5.8% currency effect.
Rest of the World delivered +10.2% organic growth, offset by -5.3% currency effect, resulting in +2.5% total growth.
Outlook and guidance
FY26 organic revenue growth expected between 1.5% and 2.5%, with a minimum 2% contribution from pricing.
Underlying operating margin anticipated to be slightly lower than FY25, with H1 and H2 margins more closely aligned.
Q2 expected to be at the lower end of guidance, with gradual improvement in H2 due to favorable comparables and event phasing.
Other income and expenses now expected at €200 million, up from €160 million, mainly due to restructuring and one-off costs.
Net financial cost forecast at €140 million; effective tax rate around 27%.
North America organic growth drivers for FY26?
CEO's full strategic plan timeline?
Expected ROI from targeted operational investments?
NA B&A scope changes impact
H1/H2 margin alignment drivers
CEO's commercial intensity impact
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Next Sodexo earnings date
Q2 202610 Apr, 2026
Sodexo
Next Sodexo earnings date
Q2 202610 Apr, 2026
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Frequently asked questions
French Food Services
Sodexo (formerly known as Sodexho Alliance) is a French company with multinational operations that provides food and facility management services. The company is massive in its scale of operations and serves over 100 million people every day. Sodexo’s services are employed in several sectors, with everything from private businesses to governmental agencies and publicly owned facilities such as schools and prisons. It is headquartered in Issy-les-Moulineaux, a suburb of Paris, and its shares are traded on EPA.
Société d'Exploitation Hôtelière
Sodexo was founded in 1966 by Pierre Bellon in Marseilles, France. Initially named "Société d'Exploitation Hôtelière," the company began by providing catering services to companies, schools, and hospitals. During the 1980s and 1990s, Sodexo experienced significant growth and expanded outside of France. Alongside its geographical expansion, Sodexo diversified its service offerings, moving beyond catering to include facilities management services. The turn of the century saw Sodexo accelerate its expansion, growing through a broadening of its service portfolio and strategic acquisitions.
Food Services
Sodexo is most known for its food services, which include managing cafeterias in educational institutions and corporate offices, where they provide daily meal services to students and employees. It also supplies catering services to institutions such as correctional facilities, and governmental agencies. Additionally, they handle event catering, offering food services for events such as conventions and trade shows. Two publicly traded companies with similar services to Sodexo are Aramark and Compass Group.
Other Services
Beyond its well-known food services, Sodexo offers a broad range of facilities management solutions to complement its catering services. These services encompass maintaining and managing physical spaces for its clients, as well as building maintenance, cleaning, and security services. These complimentary services are aimed at providing comprehensive solutions for its clients in turn helping institutions such as schools and offices to receive all its services from one company.
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