Sodexo SA Corporate Call Transcript

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

Question: Jamie Rollo - Morgan Stanley - Analyst : Thank you very much. Good morning, everyone. First question is, could you just confirm that 2025 is in line with your guidance? And are you still expecting to provide some guidance with the 2026 results -- sorry, 2026 guidance with the results next month? And then just on today's discussion, are you expecting the new CEO to do a review of the business? And if so, how long might that take? 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 09, 2025 / 6:30AM, EXHO.PA - Sodexo SA Corporate Call And then finally, you talked about new commercial acceleration and better operational execution. What sort of needs to be done, do you think, to get there? Do you think margins need to be taken down with further reinvestment? Thank you.

Question: Jamie Rollo - Morgan Stanley - Analyst : Thank you very much.

Question: Jamie Rollo - Morgan Stanley - Analyst : Sorry.

Question: Jamie Rollo - Morgan Stanley - Analyst : Thank you. And apologies for asking that question. I was just wondering how you could guide on next year if the CEO subsequently went on to take action that could affect that guidance, but I understand. Thank you very much.

Question: Jaafar Mestari - BNP Paribas - Analyst : Hi, good morning. I just wanted to come back on the selection process, please. And in terms of it's how would the Board presents the track record of Mr. Delaporte today, he spent some time at Capgemini. He then led Wipro, which you mentioned. I don't think anyone on this call is in IT services experts, but it looks like Wipro was a story of catching up with peers and accelerating growth and reweighting to maybe large, larger clients, a lot of these themes will be familiar with -- for people at Sodexo. I guess, how do we assess the track record? And what were the main achievements in these mandates that made Mr. Delaporte the right fit, please?

Question: Jaafar Mestari - BNP Paribas - Analyst : Thank you.

Question: Estelle Weingrod - JPMorgan Chase & Co - Analyst : Hi, good morning. I have two questions, please. The first one, I just wanted to understand when did the process start. And also, again, on his background, could you tell us more about his US expertise and what it can bring to Sodexo's overall competitiveness, more specifically? Or is it more about him having worked in large organization in the same region before? Thank you. 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 09, 2025 / 6:30AM, EXHO.PA - Sodexo SA Corporate Call

Question: Leo Carrington - Citi - Analyst : Thank you. Good morning. Can I ask two questions. Firstly, what was Mr. Delaporte's rationale for leaving Wipro? And then secondly, the release does draw attention to his acquisition experience. Does that suggest more of a focus for Sodexo on M&A? Thank you. 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 09, 2025 / 6:30AM, EXHO.PA - Sodexo SA Corporate Call

Question: Leo Carrington - Citi - Analyst : Yeah. Sorry, the first question was just around his rationale for leaving Wipro in 2024.

Question: Leo Carrington - Citi - Analyst : The second question is, the release does draw attention to his M&A experience. Is it indicative of more of a focus for Sodexo or just highlighting what his experience is?

Question: Leo Carrington - Citi - Analyst : Thank you very much. Thank you.

Question: Karl Green - RBC Capital Markets Inc - Analyst : Thank you very much. Good morning. I've just got one question. If Thierry identifies a scenario where more radical action is the most logical strategy to close the performance gap versus the market. And I'm thinking, for example, accelerated contract shedding, investments into sales, account management technology, et cetera, possibly large-scale M&A, would Bellon SA contemplate taking the group private moving to and voting or economic minority?

Question: Karl Green - RBC Capital Markets Inc - Analyst : Yeah, apologies. Can you hear me a bit better now?

Question: Karl Green - RBC Capital Markets Inc - Analyst : Yeah, thank you. The question was, if Thierry identifies a scenario where more radical action is the most logical strategy to close the performance gap, would Bellon SA contemplate taking the group private and moving to a voting or economic minority.

Question: Karl Green - RBC Capital Markets Inc - Analyst : Thank you.

Question: Kate Xiao - Bank of America - Analyst : Great. Thank you for taking my questions. Two from me. First, just if you could elaborate on kind of the task that the Board has given to the new CEO in terms of time line and geographies. You kind of mentioned earlier that you expect him to kind of first come to the market after the initial diagnosis in about six to eight months, around June. But I just wonder, what's the kind of multiyear time line like with the task? Is there a time limit to the term of the CEO? What is he looking to accomplish in the first couple of years, if you could lay out that time line? And in terms of geographies, we've talked a lot about the US. It sounds like that's where he has a lot of expertise. Is it going to be based in Europe or the US. And so what are some of the other geographies that you also focus on? And kind of -- I guess, what are the priorities there? And then my second question is, I think one of the things he was known for when he was CEO at Wipro was he was making big and bold moves, transforming the organization, which is exactly what Sodexo needs. He was also more focused on growth than margins. So just wondering if that's the thinking of the company now that you're willing to kind of be focused more on growth. You talked about investments, but maybe the thinking of investing growth and then margin will come later. Thank you.

Question: Kate Xiao - Bank of America - Analyst : Very helpful. Thank you.