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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sodexo
Sodexo (SW) investor relations material
Sodexo H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary23 Oct, 2026
Executive summary
FY26 was a reset year; Shift & Grow began rebuilding commercial focus, simplifying structures and strengthening capabilities to restore competitiveness.
Revenue was €23,963m, with 2.0% organic growth above latest guidance; underlying operating margin fell 130 bps to 3.4%.
FY27 remains a transformation year, with guidance confirmed and growth expected to build through the year; acceleration is expected from FY28.
Financial highlights
Revenue was €23,963m, down 0.5% reported; 2.0% organic growth and 0.5% from acquisitions/disposals were offset by a 3.0% currency impact.
Underlying operating profit was €810m, down 28.9%; underlying operating margin fell 130 bps to 3.4%. Reported operating profit was €520m versus €985m.
Group net profit was €304m versus €695m; underlying net profit was €508m versus €785m. Basic EPS was €2.09 and underlying EPS €3.48.
Free cash flow was €379m versus €459m; working capital contributed €75m. Operating cash flow was €1.1bn and net capital expenditure €604m, or 2.5% of revenue.
Net financial expense rose to €137m from €88m; the effective tax rate was 23.4%, below the ~26% expected.
Outlook and guidance
FY27 guidance remains 2%–3% organic growth and underlying operating margin broadly in line with FY26 at ~3.4%; modelling assumptions include ~1% M&A revenue impact.
Growth is expected to start below the full-year range and improve progressively; assumptions include at least 2% pricing, 0.5%–1% net new business, and neutral to slightly positive like-for-like volume.
No repeat of FY26 review charges and early workforce and procurement benefits are expected to be offset by higher commercial, technology, supply-chain and new-contract start-up costs.
FY30 ambitions remain organic growth above 5%, net new business above 3% and underlying operating margin above 5%; acceleration is planned from FY28.
FY27 leverage is expected at 2.6x–2.8%; capital expenditure across the cycle is expected at 2.5%–3% of revenue.
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Latest events from Sodexo
- Shift & Grow 2030 targets above 5% organic growth and margin by 2030, with major investments.SW
Investor update - Q3 organic revenue growth of 2.0% led to upgraded full-year guidance and strong segment results.SWQ3 2026 TU
- Profit margins and net profit fell in H1 FY26, prompting a downward revision of full-year guidance.SWH1 2026
- 2025 saw 3.3% organic growth and margin gains; 2026 will bring slower growth and margin pressure.SWH2 2025
- Thierry Delaporte appointed CEO to drive growth, operational focus, and M&A, with governance changes.SWStatus Update
- Q3 organic revenue growth reached 3.0%, led by Rest of World, but North America education lagged.SWQ3 2025 TU
- Strong FY24 growth, margin gains, and cash flow support a positive outlook for FY25.SWH2 2024
- Revenue up 3.1%, net profit down 12.5%, full-year growth guidance cut to 3–4%.SWH1 2025
- Q1 organic growth of 4.6% and strong Food services support full-year guidance reaffirmation.SWQ1 2025 TU
Next Sodexo earnings date
Q1 2026 TU7 Jan, 2027
Sodexo
Next Sodexo earnings date
Q1 2026 TU7 Jan, 2027
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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.