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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results October 23, 2026 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Disclaimer This presentation contains forward-looking statements relating to Sodexo’s objectives, outlook, prospects, strategy and future performance. Forward-looking statements are statements that are not historical facts. These statements are based on current expectations, assumptions and estimates and involve known (identified in Sodexo’s Universal Registration Document available on Sodexo’s website) and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward-looking statements are not guarantees of future performance and speak only as of the date of this presentation. These forward-looking statements do not constitute profit forecasts or estimates. Sodexo undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law or regulation. The information contained in this presentation is provided for information purposes only. It does not constitute, and should not be construed as, an offer to sell, or a solicitation of an offer to buy, any securities, nor does it constitute investment, legal, tax or other professional advice. Investors should not place undue reliance on forward-looking statements when making investment decisions. While Sodexo believes that the information and statements contained in this presentation are based on reasonable assumptions taken as of the date hereof, no representation or warranty, express or implied, is made as to its accuracy, completeness or reliability. Further information on Sodexo can be found on Sodexo’s website (www.sodexo.com), in the section Investors/Regulated Information. | 2 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved 01 Introduction
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 • Shift & Grow launched to rebuild foundations and restore competitiveness • Initial actions underway across the Group, focused on commercial momentum, simplification and critical capabilities • Fiscal 2026 organic growth above latest guidance, with Q4 activity stronger than anticipated • Fiscal 2027 outlook confirmed, focus on restoring competitiveness and delivering on commitments Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Fiscal 2026: a year of reset and action 01 Introduction | 4 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Fiscal 2026 delivery slightly ahead of expectations across key metrics 01 Introduction 1. To be proposed at the Shareholders Meeting on December 16, 2026. 2. Retention and development are calculated based on the annualized revenue of contracts gained or lost during the period, irrespective of their start dates, and exclude cross-selling. These indicators, therefore, do not represent their contribution to revenue in the fiscal year. | 5 | Revenue €24.0bn Organic Growth +2.0% UOP margin 3.4% Free cash flow €379m Net debt to EBITDA ratio 2.4x Dividend per share1 €1.74 Client Retention2 94.4% Business Development2 7.7%
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Rebuild in Fiscal 2026–2027, accelerate from Fiscal 2028 Sustainability at the core Rebuild the growth engine Simplify & standardize the operating model Reignite a high-performance culture Invest decisively in tech Accelerate growth Restore competitiveness 01 Introduction | 6 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Selective portfolio actions to strengthen core activities 01 Introduction Targeted acquisitions Selective disposals Sodexo’s business | Oman | Sodexo’s business | Norway | | Singapore | Sharpen the portfolioStrengthen Food offering in EuropeScale Schools* | Sweden | Restaurant businesses* | Finland | Corporate services* | Germany | Corporate services, Healthcare and Education | Spain | Corporate services* | UK | * Completed in early Fiscal 2027 | 7 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved 02 Fiscal 2026 Financial Performance
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Organic growth of +2.0%; reported revenue impacted by FX 02 Fiscal 2026 Financial performance -3.0% c.+2.4% c.+0.6% c.-0.3% c.-0.7% Organic Growth: +2.0% +0.5% 23,963 1. One-off contract reclassification from gross to net accounting (~100bps annualized impact on revenue over the period from January 2026 to December 2026) | 9 | Fiscal 2025 Fiscal 2026Contract reclassification1 Net newVolumePricingM&ACurrency effects 24,074
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Margin at 3.4%, with investment accelerating and review impact easing in H2 02 Fiscal 2026 Financial performance | 10 | One-off contract reclassification from gross to net accounting (~100bps annualized impact on revenue over the period from January 2026 to January 2027) Fiscal 2025 Review of contracts and assets Acceleration of investments Operations Fiscal 2026Currency effects 4.7% c.-3bps c.-50bps c.-30bps H1: -50bps H2: -50bps H1: -20bps H2: -40bps H1: -70bps H2: -30bps c.-50bps 3.4% H1: -6bps H2: +3bps
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Contrasting regional growth, with margins broadly as expected 02 Fiscal 2026 Financial performance North America Europe Rest of the World Revenues €23,963m €10,491m €8,852m €4,620m Organic Growth +2.0% -1.0% +2.1% +9.7% UOP €810m2 €416m €300m €184m UOP Margin 3.4% 4.0% 3.4% 4.0% UOP Margin change1 -130bps -180bps -90bps -90bps Group Refer to Appendix 2 for the detailed breakdown by Region x Segment and to Appendix 8 for Alternative Performance Measures def initions | 11 | 1. At constant currencies 2. Including -€90m of HQ costs
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Net profit reflects lower UOP and higher restructuring costs In million € FY 2026 FY 2025 Change Change constant rates Revenues 23,963 24,074 (0.5%) +2.5% Organic revenue growth +2.0% +3.3% Underlying Operating profit 810 1,139 (28.9%) (26.2%) Underlying Operating margin 3.4% 4.7% -130bps -130bps Other Operating income and expenses (290) (154) Operating Profit 520 985 (47.2%) (45.4%) Net financial expense (137) (88) Tax charge1 (88) (198) Effective tax rate 23.4% 22.2% Group net profit2 304 695 (56.3%) (54.8%) Basic EPS (€) 2.09 4.76 Group underlying net profit 508 785 (35.3%) (32.7%) Basic Underlying EPS (€) 3.48 5.37 1. ETR based on Pre -tax profit excluding share of profit from Equity method of 376 million euros in Fiscal 2026 and 892 million eur os in Fiscal 2025. 2. Profit attributable to non -controlling interests was a negative 1 million euros in Fiscal 2026 and a positive 11 million euros i n Fiscal 2025. Effective tax rate: 23.4% • Active Global disposal gain • Prior year impacted by one-off tax items Net financial expense: €137m vs €88m in FY25 • Full-year impact of the May 2025 U.S. dollar bond issuance • Lower interest income and one-off gains 02 Fiscal 2026 Financial performance Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Other op. income and expenses: -€290m • Net scope change impact: €46m • Restructuring: -€216m • Amortization of purchased intangible assets : -€34m • Other: -€86m | 12 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Free cash flow driven by higher client investment and positive contribution from working capital 02 Fiscal 2026 Financial performance In million € FY 2026 FY 2025 Operating cash flow1 1,091 1,200 Change in working capital 75 (69) IFRS 16 Leases outflow (183) (188) Net Capex (604) (484) Free cash flow 379 459 Net acquisitions (175) (93) Share buy-backs/Treasury stock (32) (83) Dividends paid to shareholders (394) (388) Other changes 37 18 (Increase)/decrease in net debt (185) (87) Net debt 2,872 2,687 Net debt ratio (Net debt/ EBITDA) 2.4x 1.8x Capex at 2.5% of revenue, mainly driven by contract-related client investments Net acquisitions outflow: €175m • Mainly Grupo Mediterránea acquisition in Spain • Active Global Homecare disposal 1. The difference between the Operating Cash Flow as presented in the consolidated cash flow statement comes from the payment of client investments during the period which are presented in this table within Net Capex (within Operating Cash flow in the cash flow statement). Positive working capital contribution • Supported by improving collections and favorable phasing/one-off effects • Working capital contribution expected to be broadly neutral on a normalized basis | 13 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved 03 Outlook
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Fiscal 2027 guidance confirmed, Fiscal 2030 ambitions unchanged 03 Outlook Organic Growth Underlying operating profit margin Fiscal 2027 Fiscal 2030 ~ +2% to +3% >+5% ~ 3.4% >5% Modelling assumptions Fiscal 2027 M&A impact on revenues ~ +1% Other operating income & expenses ~ €240m Net financial expense ~ €190m Effective Tax rate 26-27% | 15 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved 04 Q&A
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved 05 Appendices
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Fiscal 2026 and Q4 revenue by geography FISCAL 2026 REVENUES BY GEOGRAPHY (in million euros) FY 2026 FY 2025 Organic Growth External Growth Currency Effect Total Growth North America 10,491 11,180 -1.0% +0.3% -5.5% -6.2% Europe 8,852 8,593 +2.1% +1.7% -0.7% +3.0% Rest of the World 4,620 4,301 +9.7% -1.3% -0.9% +7.4% Total 23,963 24,074 +2.0% +0.5% -3.0% -0.5% 05 Appendix 1 Q4 FISCAL 2026 REVENUES BY GEOGRAPHY (in million euros) Q4 2026 Q4 2025 Organic Growth External Growth Currency Effect Total Growth North America 2,374 2,330 +0.0% +0.0% +1.9% +1.9% Europe 2,171 2,082 +2.0% +2.3% -0.0% +4.3% Rest of the World 1,228 1,066 +9.6% -0.6% +6.1% +15.2% Total 5,772 5,478 +2.6% +0.7% +2.0% +5.4% | 18 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Fiscal 2026 and Q4 revenue by segment 05 Appendix 2 FISCAL 2026 REVENUES BY SEGMENT (in million euros) North America Europe Rest of the World Business & Administrations 2,545 -9.7% 4,790 +1.6% 4,007 +10.2% Sodexo Live! 1,581 +7.3% 710 +2.9% 58 +13.9% Healthcare & Seniors 3,526 +6.5% 2,154 +5.0% 368 +6.5% Education 2,839 -5.1% 1,198 -1.6% 187 +4.3% Total 10,491 -1.0% 8,852 +2.1% 4,620 +9.7% Q4 FISCAL 2026 REVENUES BY SEGMENT (in million euros) North America Europe Rest of the World Business & Administrations 672 -7.2% 1,168 +0.7% 1,078 +10.5% Sodexo Live! 428 +12.8% 246 +8.5% 14 +6.6% Healthcare & Seniors 898 +6.0% 552 +2.7% 96 +0.8% Education 376 -11.0% 205 +0.4% 40 +9.9% Total 2,374 +0.0% 2,171 +2.0% 1,228 +9.6% | 19 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Fiscal 2026 exchange rates 1€ = Average rate FY 2026 Average rate FY 2025 Average rate FY 2026 vs. FY 2025 Closing rate at 08/31/2026 Closing rate at 08/31/2025 Closing rate 08/31/26 vs. 08/31/25 U.S. Dollar 1.164 1.100 -5.5% 1.160 1.166 +0.5% Pound Sterling 0.869 0.842 -3.1% 0.856 0.867 +1.2% Brazilian Real 6.085 6.295 +3.5% 5.997 6.325 +5.5% 05 Appendix 3 | 20 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Debt maturity and liquidity profile | Pro forma1 05 Appendix 4 800 500 800 600 500 292 617 431517 FY'27 FY'28 FY'29 FY'30 FY'31 FY'33 FY'35 FY'37 1. Pro forma for the €1.1 billion euro bond issuance settled on September 2, 2026 and therefore not recognized in the balance sheet as of August 31, 2026. . 2. New Euro Bond not on balance sheet as at August 31, 2026. Maturity Amount (in €m equiv.) Instrument Coupon Apr. 2027 €600m Eurobond 0.75% Apr. 2027 €200m Eurobond 0.75% Jun. 2028 €292m GBP bond 1.75% Jul. 2028 €500m Eurobond 1.00% Apr. 2029 €800m Eurobond 1.00% Aug. 2030 €517m USD bond 5.15% Apr. 2031 €617m USD bond 2.718% Sep. 20322 €600m Eurobond 4.00% Aug. 2035 €431m USD bond 5.80% Sep. 20362 €500m Eurobond 4.50% Undrawn credit facilities Cash & cash equivalents €1.75bn maturing July 2031 €2.23bn Average maturity Blended cost of debt 4.2 years 3.1% Credit ratings: • S&P: BBB / Stable • Moody’s: Baa1 / Negative • Fitch: BBB+ / Negative | 21 | 1
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Condensed consolidated statement of financial position at August 31, 2026 (in million euros) August 31, 2026 August 31, 2025 (in million euros) August 31, 2026 August 31, 2025 Non-current assets 8,999 8,524 Shareholders’ equity 3,766 3,786 Current assets excluding cash 4,369 4,234 Non-controlling interests 8 13 Cash and cash equivalent 1,131 2,091 Non-current liabilities 4,509 5,212 Current liabilities 6,216 5,838 TOTAL ASSETS 14,499 14,849 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 14,499 14,849 05 Appendix 5 | 22 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Number of shares 05 Appendix 6 Company’s share capital August 31, 2026 February 28, 2026 August 31, 2025 Company’s share capital, number of shares 147,454,887 147,454,887 147,454,887 Treasury shares 1,586,875 1,613,572 1,522,327 Net number of shares 145,868,012 145,841,315 145,932,560 Number of shares for basic EPS calculation (Basic weighted average number of shares) 145,700,133 145,558,459 146,014,551 | 23 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Growth indicator | Definitions 05 Appendix 7 Client Retention Client retention rate is the percentage of prior fiscal year revenue retained in this current fiscal year. It is derived by considering prior fiscal year value for all contracts for which termination has either been given by Sodexo or received by the client, or those that have expired without renewal. This is then expressed as a percentage of total prior fiscal year revenue. Business development Business development rate is the annualized estimated revenue for new contracts signed during the fiscal year, divided by prior year revenue. | 24 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Alternative Performance Measure | Definitions 05 Appendix 8 Organic growth Organic growth corresponds to the increase in revenue for a given period (the "current period") compared to the revenue reported for the same period of the prior fiscal year, calculated using the exchange rate for the prior fiscal year; and excluding the impact of business acquisitions and divestments, as follows: • for businesses acquired (or gain of control) during the current period, revenue generated since the acquisition date is excluded from the organic growth calculation; • for businesses acquired (or gain of control) during the prior fiscal year, revenue generated during the current period up until the first anniversary date of the acquisition is excluded; • for businesses divested (or loss of control) during the prior fiscal year, revenue generated in the comparative period of the prior fiscal year until the divestment date is excluded; • for businesses divested (or loss of control) during the current fiscal year, revenue generated in the period commencing 12 months before the divestment date up to the end of the comparative period of the prior fiscal year is excluded. Underlying operating margin Underlying operating profit margin corresponds to Underlying Operating profit divided by revenues. Underlying operating margin at constant rate Underlying operating profit margin at constant rate corresponds to Underlying Operating profit divided by revenues, calculated by converting FY2026 figures at FY2025 rates, except for countries with hyperinflationary economies. Blended cost of debt Blended cost of debt is calculated at period end and is the weighted average financing rate on borrowings (including derivative financial instruments) and cash pooling balances at period end. Growth excluding currency effect Change excluding currency effect calculated converting FY2026 figures at FY2025 rates, except when significant for countries with hyperinflationary economies. Net debt Net debt is defined as Group borrowings at the balance sheet date, less operating cash. Underlying net profit Underlying net profit is defined as Net profit excluding significant unusual and/or infrequent elements and corresponds to the Net Income Group share excluding Other Income and Expense after tax, as well as significant non-recurring elements in both Net Financial Expense and Income Tax Expense where relevant. Underlying net profit per share Underlying net profit per share presents the Underlying net profit divided by the average number of shares. | 25 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved APM | Financial ratios definitions & reconciliation Fiscal2026 Fiscal 2025 Gearing ratio Borrowings (a) – operating cash (b) 76.1% 70.7% Shareholders’ equity and non-controlling interests Net debt ratio Borrowings (a) – operating cash (b) 2.4 1.8 Rolling 12-month (Underlying) EBITDA (c) (a) Borrowings Non-current borrowings 3,181 3,962 + Current borrowings excluding overdrafts 823 819 - Derivative financial instruments recognized as assets (1) (4) Borrowings 4,003 4,777 (b) Operating cash Cash and cash equivalents 1,131 2,091 - Bank overdrafts — (1) Operating Cash 1,131 2,090 (c) Rolling 12-month (Underlying) EBITDA1 Underlying operating profit (RTM) 810 1,139 + Impairment, depreciation and amortization (RTM) 455 454 + Client investments amortization (RTM) 137 131 - Lease payments (RTM) (206) (214) Rolling 12-month (Underlying) EBITDA 1,196 1,510 1. For the sake of simplification, the term EBITDA is used in reference to Underlying EBITDA 05 Appendix 9 | 26 |
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved 05 Appendix 10 Investor calendar For investor meetings and enquiries: please contact investor.relations@sodexo.com November 10, 2026 UBS European Conference, London November 18, 2026 BofA EMEA Consumer Conference, Paris December 3, 2026 Morgan Stanley BLT Conference, London December 8, 2026 CIC Forum, Paris December 16, 2026 Sodexo Annual Shareholders Meeting December 18, 2026 Sodexo dividend ex-date December 22, 2026 Sodexo dividend payment date January 7, 2027 Sodexo Q1 Fiscal 2027 revenues | 27 | IR contacts Juliette Klein | Head of IR juliette.klein@sodexo.com Alina Cazacu | ESG IR Lead alina.cazacu@sodexo.com Paul Deschamps | IR Manager paul.deschamps@sodexo.com Florence Juglas | IR Coordinator florence.juglas@sodexo.com
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Sustainability ratings and indexes CCC B BB BBB A AA AAA A D C B A A 40+ 40-30 20-10 10-030-20 24.3 | 28 | Top-rated in its industry sector The Sustainability Yearbook 05 Appendix 11
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MAIN COLORS SECONDARY COLORS LIGHTER SHADES 1 LIGHTER SHADES 2 Fiscal 2026 Results - October 23, 2026 - © Sodexo 2026. All rights reserved Sodexo key figures 05 Appendix 12 As of August 31, 2026 €24.0bn revenues 443,000 employees 80 million consumers served daily 43 countries | 29 | ▬ Founded in 1966 by Pierre Bellon ▬ Our purpose is to create a better everyday for everyone to build a better life for all Share information & ownership Stock exchange Euronext Paris Ticker SW FP ISIN FR0000121220 Shares outstanding 147.5 million Bellon SA ownership 43.8% Share capital 58.8% Voting rights €8.3bn market capitalization (as of October 22, 2026)