Sodexo Deep Dive

Income Statement (FY2020-FY2025)

Metric	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue (EUR bn)	19.3	17.4	21.1	22.6	23.8	24.1
Organic Growth	-12.0%	-5.6%	+16.9%	+11.6%	+7.9%	+3.3%
UOP (EUR m)	569	578	1,059	976	1,120	1,133
UOP Margin	2.9%	3.3%	5.0%	4.3%	4.7%	4.7%
EBITDA (EUR m)	~900	~880	~1,350	~1,320	~1,500	~1,500
Net Income (EUR m)	-315	139	695	560	738	695
Underlying NI (EUR m)	306	346	699	659	775	785
FCF (EUR m)	72	483	631	374	661	459
Net Debt/EBITDA	2.1x	1.7x	1.0x	2.2x	1.7x	1.8x
Dividend (EUR)	0	2.0	2.4	3.1	2.65	2.7

Note: FY2022-FY2023 Group figures include Pluxee (Benefits & Rewards, spun off Feb 2024). FY2024+ reflects continuing operations only. The apparent margin "drop" from FY2023 (5.6%) to FY2024 (4.7%) is entirely due to losing Pluxee's 30%+ margin business from the blend.

Revenue & Margin

Free Cash Flow

DuPont ROE Decomposition (FY2024)

Net Profit Margin3.3%

Asset Turnover1.58x

Equity Multiplier3.96x

= ROE20.4%

Leverage-driven ROE. The 20% ROE flatters — it's primarily from a ~4x equity multiplier, not margin superiority. Thin 3.3% net margin is the weak link.

Key Ratios

Ratio	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ROIC (%)	6%	7%	12%	11%	13%	13%
ROE (%)	N/M	3%	14%	12%	20%	22%
FCF/Revenue	0.4%	2.8%	3.0%	1.7%	2.8%	1.9%

Sodexo S.A. (SW.PA) — Deep Dive Analysis

Income Statement (FY2020-FY2025)

Revenue & Margin

Free Cash Flow

DuPont ROE Decomposition (FY2024)

Key Ratios