Sodexo Q1 Fiscal 2024: strong organic revenue growth at +8.2%

• High single digit Underlying growth in all zones
• Full year Fiscal 2024 guidance maintained

Note 1: These numbers exclude any contribution from Pluxee which as a discontinued activity is consolidated only at the net profit level.

Note 2: The impact from Q4 2023 of the accounting change related to revenue recognition in a large Energy & Resources contract in Rest of the World is offset by the contribution of the Rugby World Cup in Europe. Underlying organic growth was +8.1% in Rest of the World and +7.6% in Europe.

• Sodexo (excluding Pluxee) first quarter Fiscal 2024 consolidated revenues reached 6.3 billion euros, up +3.1% year-on-year including a negative currency impact of -4.8%, a net contribution from acquisitions and disposals of -0.3% and organic revenue growth of +8.2%. The negative currency impact, resulting from the appreciation of the euro against most currencies from beginning of calendar year 2023, is expected to subside progressively over the fiscal year, assuming current rates going forward.
• Organic growth has been positively impacted by the contribution from a successful Rugby World Cup and negatively impacted by the accounting changes on certain project works in Energy & Resources in the Rest of the World, offsetting each other. The effect of pricing is progressively reducing, to around +4.5% in the quarter. New business ramp-ups, cross-selling and ongoing volume growth continue to trend at close to +4%.
  • Organic growth in the quarter was driven by Food services, up +10.0% organically, while FM services were up +4.7%.
  • Net new development momentum remained solid year to date.
  • All geographies had high single digit underlying organic growth.
• In line with its ambition to be the world leader in sustainable food and valued experiences:
  • Sodexo and Harris Interactive revealed the results of the first international sustainable food barometer. Outcomes are fully supporting Sodexo’s ambition as 75% of people surveyed have a positive perception of sustainable food, and 79% believe that adopting more sustainable behaviors is an urgent matter.
  • Sodexo has organized the second edition of its Sustainable Chef Challenge. Our Chefs showcased their skills and passion to create healthy, delicious and low carbon meals (less than 0.9 kg CO2e). The winners were Chef Sharon McConnell (from Northern Ireland) with her Pistachio crusted celeriac steak and Vegan chocolate mousse with dates and nuts and Chef Ricardo Machado (from Brazil) with his Sautéed banana peel medallion with sweet potatoes and Banana and coconut mash.
  • Sodexo has earned the leadership position in the 2023 Workplace Pride Global Benchmark for the 4th year in a row recognizing Sodexo's performance and commitment to high standards of LGBTQ+ inclusion.