Full Year 2023 Sodexo SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Harry Martin - Sanford C. Bernstein & Co., LLC., Research Division - Analyst : A question on the revenue KPIs and then a couple of margins, if I may, please. So you talked about the best-ever retention, new development as a percentage step back a little bit this year but was up to close to record levels as well. So is the 2% to 2.5% net new contribution as good as people could put into their models going forward? Or do you see further upside as you talk about 96% retention and the potential for various wins to carry on increasing as well? So that's the first question. And then on the margins, in H2, we saw margins step back year-on-year in North America and Europe. It's tough for us to know exactly where the 2019 equivalent is, given the change in the geographic reporting as well. So can you give us a little bit of color on how to get comfortable with the improvement guided for next year given that step back in the second half this year? And then the final one, just in the Rest of World, with the accounting change to go from gross net revenues and that contract also boost percentage margins. And so could I just ask what the on-site margin was in Rest of World, excluding that accounting change. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 26, 2023 / 7:00AM, EXHO.PA - Full Year 2023 Sodexo SA Earnings Call

Question: Estelle Weingrod - JPMorgan Chase & Co, Research Division - Analyst : There is only one left from me. Could you just provide more color on the net new in-year contribution for full year and Q4 as it was actually slightly negative last year for the full year, if I remember correctly, while the reported net new was then 2%? Yes, just a bit of color on this, please.