Sodexo (SW) AGM 2024 summary

Opening remarks and agenda

• The meeting was chaired by Sophie Bellon, with the CFO, Board Secretary, scrutineers, key executives, and auditors present.

• The agenda and draft resolutions were published in advance, covering fiscal 2024 results, outlook, governance, auditor reports, Q&A, and voting.

• The meeting was accessible via sign language, live webcast, and simultaneous translation.

Financial performance review

• Revenues reached EUR 23.8 billion, with 7.9% organic growth and a UOP margin of 4.7%, up 40 basis points.

• Adjusted net income rose 17.6% to EUR 775 million; net debt/EBITDA reduced to 1.7x, ahead of target.

• Free cash flow improved to EUR 661 million; CapEx at 2% of revenue; EUR 800 million in bonds repaid.

• Regional growth: North America +8.7%, Europe +7.2%, Rest of World +7.3%.

• Share price increased 16.3% over 12 months, with a 29% total shareholder return.

Board and executive committee updates

• The board consists of 12 members (60% independent, 5 women, 7 men, 4 nationalities), with a 97% attendance rate.

• Creation of a Sustainability Committee and new internal evaluation of board and committee work.

• Specialized committees (audit, nomination, compensation, sustainability) are chaired by independent directors.

• Succession planning led to internal promotions, including the CFO role.