Elior Group (ELIOR) H1 2025 earnings summary

Executive summary

• Organic revenue grew 1.5% in H1 2024-2025, with contract catering up 2.3% and multiservices down 0.6%; transformation strategy since April 2023 drove strong earnings and debt reduction.

• Adjusted EBITA/EBITDA margin improved by 90–100 bps to 4.1%, with contract catering margin up 120 bps to 5.2%.

• Net profit rose to €43 million, up €42 million year-over-year; adjusted net income reached €56 million.

• Free cash flow increased to €205 million, up €36 million year-over-year.

• Net debt reduced by €146 million in six months to €1,111–1,123 million, with leverage ratio at 3.3x EBITDA.

Financial highlights

• Consolidated revenue reached €3,213 million, up 2.9% year-over-year, with organic growth of 1.5%.

• Adjusted EBITA/EBITDA increased to €132 million (4.1% margin), up from €100 million (3.2%) last year.

• Net result group share/net income reached €43 million, up from €1 million last year.

• Free cash flow was €205 million, up €36 million year-over-year.

• Net debt/EBITDA leverage ratio improved to 3.3x, down from 3.8x at September 2024.

Outlook and guidance

• Full-year organic revenue growth guidance revised to 1–2% (from 3–5%), with adjusted EBITA margin guidance raised to 3.3–3.6%.

• Leverage ratio expected to remain below 3.5x at year-end.

• CAPEX expected at 2.0–2.5% of revenue; working capital change of €80–120 million; non-recurring cash outflows of €15–20 million.

• Management maintains focus on operational efficiency and disciplined capital allocation.