Sodexo S.A.
Annual Report 2022

We create
a better 
everyday for 
everyone 
to build 
a better life 
for all
Fiscal 2022
Integrated Report

Introduction
01. Our purpose
02. Message from 
Sophie Bellon
05. Tribute to 
Pierre Bellon
Profile
08. Our fundamentals
10. Sodexo's profile
11. A unique range 
of services
12. An independent 
Board of Directors
14. Long-term vision 
ensured through founding 
family shareholding
15.Effective risk 
management
16. A streamlined 
Leadership Team
18. A sustainable and 
shared value-creation 
model
20. Profitable and 
responsible growth over 
the long term
Strategy and 
performance
24. Changes underway 
in our markets
26. A strong increase in 
revenues and profitability 
in Fiscal 2022
27. 2025 strategy: 
refocus and acceleration
34. Commercial, financial 
and non-financial 
performance
Impact
42. We add value to 
the day-to-day essentials
46. We anticipate 
needs and expectations 
to provide optimal care
50. We believe 
progress should be 
inclusive and fair
54. We combine growth 
with responsibility 
to achieve a performance 
that benefits all
Integrated 
Report
Sodexo is committed to the 
practice of Integrated reporting, 
based on the recommendations 
of the International Integrated 
Reporting Council (IIRC) 
and the Group’s roadmap for 
corporate responsibility Better 
Tomorrow 2025. Managers from 
various departments within the 
Group took part in a series 
of workshops to co-create the 
report, ensuring there is a common 
perspective on Sodexo’s overall 
economic, social and 
environmental performance. This 
Fiscal 2022 Integrated Report 
draws on information from the 
Universal Registration Document 
in which it is published.
Published by Sodexo Communications Department. Design and production: Angie & Labrador. Writing: Sodexo & Sylvie Bréant. 
Photo credits: Antoine Doyen, William Beaucardet, Aurélien Bergot/Getty Images, Kenzo Tribouillard/AFP, Christel Sasso/Capa 
Pictures, Jean-Erick Pasquier, David Levenson, Jacques Grison, Jeremy Lempin, Christian Sprogoe, Stéphane Remael, Adriaan Van 
Looy, David Levenson, Aymeric Halbmeyer, Akshaya Purswani Bhanushali, Aboriginal and Torres Strait Islander, Chabanne 
Architecte, Stop Hunger, WFP/Boone Rodriguez, Ildiko Hamos, Nicholas Green, GettyImages, Adobe Stock, Istockphoto, Sodexo 
library, all rights reserved. Printing: Labrador. This document is printed in France by an Imprim’Vert certified printer, on PEFC 
certified paper produced from sustainably managed forest.

For some 
it’s just a canteen meal, 
just a few leftovers, 
just a day job. 
For us 
it’s a healthy child, 
a battle to reduce food waste, 
the start of a career. 
What others see as trivial, we see as essential. Because we know that it 
is precisely by focusing on the concrete, on the tangible, on the 
everyday that we make a real difference not only to a person’s day but, 
in the long run, to the lives of all and the planet. 
From day 1, our focus has been the everyday. Conscious of the 
enormous difference everyday actions make when you multiply them 
by the millions of people we care about, all over the world, day in and 
day out and through the years, we embrace our responsibilities and 
strive to make everything we do today as positive and impactful as 
we can for tomorrow. 
Making the delicious nutritious. Giving opportunities to those who have 
never been given a chance. Caring about communities, and about the 
individuals within. Acting for the planet. Making the most of today for 
tomorrow. 
Rooted in our humanist values and committed to go further:
at Sodexo, our purpose is to create a better everyday 
for everyone to build a better life for all. 
OUR PURPOSE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
1

“This year,
we accelerated Sodexo's 
transformation and made 
progress towards sustainable 
and profitable growth.”
Sophie Bellon,
Chairwoman of the 
Board of Directors 
and Chief Executive Officer
Purpose
In December 2021, you presented Sodexo’s purpose. 
What motivated this initiative ?
Since it was founded in 1966, Sodexo has had a dual mission, 
one that was considered especially pioneering for its time and 
remains perfectly relevant today: to improve the quality of life of 
our employees and those we serve, and contribute to the 
economic, social and environmental progress in the communities 
where we operate. 
Building on this heritage and staying true to the spirit of 
progress that is one of our founding values, we were keen to go 
further. 
We wanted to reaffirm the value of the everyday work carried out 
by our teams and highlight what drives us by giving Sodexo a 
corporate purpose.  
"We create a better everyday for everyone to build a better life 
for all": our purpose expresses who we have always been, what 
has guided our growth since day one, and how we envision that 
growth for the years to come.
This purpose is embodied in our brand tagline: "Sodexo. It all 
starts with the everyday". This tagline reflects our firm belief 
that tangible action and daily interaction can have a positive 
impact on people’s lives, communities and the planet. 
MESSAGE FROM SOPHIE BELLON
2
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Organization 
and Governance
Could you talk a little more about this, and about 
the changes in governance?  
We evolved our governance this year: I was appointed as 
Sodexo’s Chief Executive Officer in addition to my responsibilities 
as Chairwoman. Given my new role, Luc Messier was appointed 
independent Lead Director. His main mission is to ensure the 
proper functioning of the company’s governance bodies.
As soon as I took over as CEO of the Group, I transferred the 
management of our Schools and Government & Agencies 
segments to the local level to increase efficiency. In line with that 
decision, in July we announced a project to evolve our 
organization to support our strategy and help us serve our 
clients even better. In On-site Services, we transferred end-to-end 
P&L management to the regions and the countries regrouped 
into three geographic zones: North America, Europe and the Rest 
of the World. Simplifying things in this way will enable us to take 
decisions at the most local level, making our implementation 
quicker and more agile.  
At the same time, we are keen to retain the best aspects of our 
segmented 
organizational 
structure, 
coupled 
with 
the 
advantages of local P&L management. The establishment of a 
Growth and Commercial function will allow us to continue to 
mobilize and strengthen the expertise we have developed, in go-
to-market strategy and business development for example. 
We have also brought together IS&T, Data, Digital and 
Innovation, as well as our expertise in food and facilities 
management, within a Tech & Services function. This will allow 
us to accelerate very rapidly in these areas.
And our Chief Impact Officer’s remit is to ensure that our 
purpose, our values and what we stand for are constantly 
reflected in the way that we operate, and that they give us a 
competitive advantage. 
Finally, to speed up decision-making, I have reduced the 
leadership team to eleven people.  
Strategy
You presented Sodexo’s strategy at a Capital 
Markets Day. What are the pillars of the strategy?
Our strategy of refocus and acceleration is based on three pillars: 
first, refocusing on food services and being more selective in 
Facilities Management. 
The second pillar is to accelerate the profitable growth of our 
Benefits & Rewards Services business, which is Sodexo’s highest 
contributor in terms of Underlying operating profit margin. We 
have reinforced its governance to support the acceleration of its 
development while addressing the specific challenges associated 
with its competitive environment. 
Our third strategic pillar is about strengthening our impact as 
market maker in sustainability. Among other things, we 
embarked on the process of formalizing our commitment to 
reach Net Zero emissions by 2040. This commitment, which we 
are the first in our sector to make, is about perpetuating 
Sodexo’s mission and taking our purpose one step further. It is 
fully in line with the spirit of progress, one of our founding 
values.
Our goal is to achieve an organic revenue growth between +8% 
and +10% for Fiscal 2023, and an Underlying operating profit 
margin close to 5.5% at constant rates. For Fiscal 2024 and 
2025, we aim for an organic revenue growth between +6% and 
+8% and an Underlying operating profit margin above 6% in 
Fiscal 2025. This is both ambitious and exciting!
Acceleration
What word would you say best sums up the past 
year?
Without a doubt, I would say "Acceleration": acceleration of the 
post-Covid recovery, acceleration of the roll-out of high-quality, 
increasingly personalized offers designed, among other things, 
to help attract the teams back to the office... Acceleration, too, of 
the demand for our Benefits & Rewards Services, which are a 
powerful tool in helping to retain and engage employees. And of 
course, acceleration of the transformation of our models, which 
underpins all of these changes. 
In October 2021, I set out four priorities following the shock of 
the pandemic. We accelerated Sodexo's transformation and 
made progress towards sustainable and profitable growth.
We have boosted our growth in the United States. In North 
America, our client retention rate reached more than 96% and 
our development rate increased by 400 bps. 
We have continued to accelerate the transformation of our food 
model, in a context where hybrid working has now become a 
well-established 
habit 
for 
many 
employees 
and 
where 
expectations are changing rapidly. Our service offering is 
evolving at every level: on the plate, we are offering more and 
more organic, local, plant-based foods. Upstream, we are 
continuing to optimize our production methods. And we are 
offering ever greater flexibility to consumers, with home delivery, 
click and collect, or via our partnerships with platforms. We are 
taking advantage of our recent acquisitions, such as The Good 
Eating Company, Fooditude and Nourish, to introduce highly 
innovative and attractive offers. 
We have also been more active in managing our portfolio: we are 
continuing to improve our multichannel food service offering, for 
example by further investing in digital group catering company 
Meican in China. And we continue to focus on high-value 
markets.
We have also accelerated the changes to our organizational 
structure to improve its efficiency. 
MESSAGE FROM SOPHIE BELLON
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
3

Teams
And what is Sodexo’s main asset, in your view? 
Our teams, of course. It is they who make Sodexo. The visits that 
I have made to our sites this year, to meet our clients and our 
employees, have filled me with pride. In an extremely volatile and 
complex environment, I was very impressed by our teams’ full 
commitment 
and 
agility: 
they 
are 
supporting 
Sodexo’s 
transformation with extraordinary dedication, always staying 
true to our values.
Attracting and retaining talent, enabling them to develop and do 
their best – these are, of course, key challenges for any business. 
But they are perhaps even more critical for us, since women and 
men are at the heart of our business model. I believe that this is 
my greatest responsibility as CEO and Chairwoman. 
And it explains the positioning of our employee value 
proposition, as an extension to our purpose. Working with 
Sodexo is a chance to be part of something greater – because we 
believe our everyday actions have a big impact. It’s about 
belonging to a team and acting with purpose. It’s about enabling 
everyone to thrive in their own way.
And I would like to thank our teams for the wonderful work they 
do in delivering great service to our clients and consumers. Day 
in, day out, the work they do on the ground is helping to create a 
better everyday for everyone to build a better life for all. 
Confidence
What in one word best summarizes the year 
ahead?
Confidence! Our ambition is to be the world leader in sustainable 
food and valued experiences at every moment in life: learn, work, 
heal and play. Today, we are enjoying great momentum, clearly 
reflected in our performance during the 2022 fiscal year, with 
revenues of 21.1 billion euros, up 21.2% and returning to pre-
pandemic levels in the fourth quarter. Our operating margin rose 
by 170 basis points to reach 5%, and our Underlying net profit 
doubled. The Board demonstrated its confidence by proposing a 
dividend of 2.40 euros, up 20% vs last year. 
I have confidence in our strategic plan to continue to accelerate 
Sodexo’s sustainable and profitable growth. The plan relies on 
clearly identified enablers: investments in tech and data, 
commercial excellence supported by strong brands and 
innovative offers, and the power of our supply chain.  
I also have confidence in the solid foundations on which we are 
building the Group’s future: our cash-generative business model, 
strong positions in the major global markets, a diversified 
offering which meets the new expectations of consumers, a 
mission and a purpose that are differentiating, and our 
independence over the long term, which is guaranteed by our 
controlling family shareholding. 
In short, I have confidence in the future! Sodexo has many 
assets: this is something of which I have long been convinced, 
and perhaps even more so since I took over as CEO in addition to 
my role as Chairwoman. 
“Our ambition 
is to be the world leader 
in sustainable food 
and valued experiences 
at every moment in life: 
learn, work, heal and play”.
MESSAGE FROM SOPHIE BELLON
4
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

“Pierre Bellon 
dreamed of a fairer 
and more humane society. 
It is in this spirit that he 
founded Sodexo in 1966.”
Pierre Bellon
1930 ~ 2022
—
“Thanks to a rate 
of success that 
slightly outpaced 
our setbacks, Sodexo 
grew by leaps and 
bounds.”
Pierre Bellon belongs to a rare category: that of people driven 
by a strong entrepreneurial mindset and a commitment to 
creating value for people and progress. A man of intuition, a 
passionate visionary and an unparalleled builder, Pierre 
Bellon foresaw that the quality of life of men and women 
would become a major concern of modern societies and 
turned it into an extraordinary business project. 
He devoted his life to building one of France’s most successful 
companies around a dual mission: to improve the quality of life of 
our employees and those we serve, and contribute to the economic, 
social and environmental progress in the communities where we 
operate. In 2022, 56 years after its creation, the Group founded by 
Pierre Bellon counts 422,000 employees in 53 countries, serving 
100 million consumers every day. As he himself used to say, “we all 
built this Group together”, even if the Company’s exceptional 
expansion would have been impossible without the sharp, 
constructive, sometimes sarcastic, and rebellious mind of its 
founder. 
“Constant progress 
is our only means 
of differentiating 
ourselves from 
the competition... 
this alone will enable 
us to show our clients 
and customers that 
our services evolve 
to match their changing 
needs and that we are 
constantly improving 
our offering.” 
  u  sodexo.com
Extracts from book
I've had a lot of fun
TRIBUTE TO PIERRE BELLON
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
5

Profile
6
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Improving
Quality 
of Life
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
7

Our fundamentals
As the global leader in Quality of Life services, Sodexo serves over 100 million consumers daily in 
53 countries. Since 1966, each day our teams strive to satisfy our clients and consumers, and to create 
responsible value. Sodexo is, and will continue to be, a company that employees, clients, consumers, 
partners and other stakeholders can trust. Our values, embodied by each of our employees, and ethics are 
essential to the success of Sodexo. They constitute a fundamental pillar of our commitments in terms of 
responsible business conduct.
Our mission
To improve the quality of life of our employees and those we serve, 
and contribute to the economic, social and environmental progress 
in the communities where we operate. 
Our values
Service 
spirit 
Team 
spirit 
Spirit of 
progress 
People are at the heart 
of Sodexo. Clients 
and consumers are 
at the center of everything 
we do.
Each person’s skills 
combine with other team 
members’ knowledge 
to help ensure Sodexo’s 
success.
It is manifested through daily 
self-assessment, because 
understanding one’s successes 
as well as one’s failures is 
fundamental to continuous 
improvement.
Our ethical principles
LOYALTY
Working to improve 
quality of life means 
making trust central to 
our relationships with all 
stakeholders. Sodexo is 
built on a solid 
foundation of loyalty to 
its clients, employees 
and shareholders, and on 
honest and open 
relationships with them.
RESPECT FOR PEOPLE
People are central to our 
business. Sodexo is 
committed to acting in 
favor of equal 
opportunity, regardless 
of ethnicity, age, gender, 
beliefs, religion or sexual 
orientation. Improving 
quality of life means 
treating each individual 
with respect, dignity and 
consideration.
TRANSPARENCY
This is a key principle 
for Sodexo that applies 
consistently with all 
stakeholders: clients, 
consumers, employees, 
shareholders and the 
general public. We 
ensure that all are 
informed in a clear and 
precise manner about 
our products, services, 
commitments and 
performance.
INTEGRITY
We condemn and refuse 
to tolerate any 
practices that are not 
based on honesty, 
integrity and fairness, 
regardless of where our 
business operates in 
the world. We make our 
position clear to our 
clients, suppliers and 
employees, and expect 
them to reject corrupt 
and unfair practices.
PROFILE
8
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Our values throughout the everyday 
Employees’ testimonials
“I began my career 21 years ago as a registered nurse because I wanted to help 
people. Now, the aim of my mission remains the same, but my impact is much 
broader on those surrounding me. As Clinical Lead for Sodexo Healthcare in UK & 
Ireland and General Manager at South West London & St. George’s Mental Health 
NHS Trust in London, I wear two hats. On a day-to-day basis, I manage the team 
on-the-ground at the hospital. I also consult with all teams in the region, helping 
them improve the patient journey through daily service improvements.”
    
Yvonne Spencer, 
General Contract Manager & Clinical Lead, 
Sodexo UK & Ireland.
“About a year and a half ago, I joined Sodexo as the first member, and now 
manager of the Customer Experience Team in Romania. 25 years in Romania 
has put Sodexo at the forefront of customer experience with offers such as our 
digitized benefit card and app for employees that can be used with merchants 
in our large and ever-expanding network. Every day, we ask ourselves how to 
bring our mission to life: Do we have a deep understanding of each 
stakeholder’s needs? Do we deliver a positive and memorable experience? Are 
we anticipating trends and technology to enhance our offers? Because the 
client experience bridges every part of the company, we do our best to improve 
our services for our growing ecosystem of clients and consumers and 
strengthen our relationships.” 
    
Andreea Coca,
Customer Experience and Quality Manager, 
Sodexo Benefits & Rewards Romania.
“I started working in Facilities Management before it was even really a 
profession. Back then, we just called it “building operations management” 
because that’s what we did: we managed buildings. But Facilities Management 
nowadays is so much more than that. It’s about really getting to know our 
clients and working with the human beings inside the buildings. The work is vast 
and varied and that is what I love about it. Every day presents new challenges 
and new problems to solve with my teams. Today, as a Regional Account 
Director, I manage teams all across Latin America, from Mexico to Brazil, and I’m 
the lead on dozens of sites in every country.”
    
Erika Casallas, 
Regional Account Director, 
Sodexo LatAm.
PROFILE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
9

Founded in Marseille in 1966 by Pierre Bellon, Sodexo is the global leader
 in Quality of Life Services, an essential factor in individual and 
organizational performance.
Operating in 53 countries, our 422,000 employees serve 100 million consumers each day.
 Sodexo Group stands out for its independence and its founding family shareholding,
 its sustainable business model and its portfolio of activities including Foodservices, 
Facilities Management and Employee Benefit Solutions.
We provide quality, multichannel and flexible food experiences, but also design attractive
 and inclusive workplaces and shared spaces, manage and maintain infrastructure in a safe 
and environmentally friendly way, offer personalized support for patients or students, 
or even create programs fostering employee engagement. 
In 2021, we adopted a new brand tagline: 
it all starts with the everyday.
Key figures as of August 31, 2022
422,000
€21.1 billion
100 million
€11.3 billion
EMPLOYEES
IN 53 COUNTRIES
IN CONSOLIDATED 
REVENUES
CONSUMERS 
SERVED DAILY
IN MARKET 
CAPITALIZATION
#2
78.3%
1.7 million
LISTED ON THE 
CAC Next 20, CAC 40 ESG, 
FTSE4Good AND DJSI
FRANCE-BASED PRIVATE 
EMPLOYER WORLDWIDE(1)
EMPLOYEE 
ENGAGEMENT RATE (2)
AFFILIATED MERCHANTS
Source Sodexo
(1)  2022 Forbes Global 2000 ranking.
(2)  2021 employee engagement survey sent to 336,183 Group employees, of whom 63% responded.
PROFILE
10
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

A unique range of services
Sodexo offers a wide range of services meeting the needs of its clients, assisting consumers at different 
stages in their life.
Whether eating a healthy lunch at work, in a restaurant or at home, working efficiently and safely in a well-
designed space, organizing daily life for a better work-life balance, or enjoying a unique experience at a cultural 
or sporting event, Sodexo has been helping to improve these moments of daily life. Sodexo is focused on 
delivering a positive impact not only on individual health and well-being, but also on ecosystems, cities and the 
planet. 
On-site Services
Increasing efficiency and well-being at the workplace, 
caring for patients at hospitals, fostering an optimal 
learning environment at schools, providing safety and 
comfort on a remote site: our services deployed 
directly on site improve quality of life for millions of 
consumers and enable clients to improve their 
performance. 
EDUCATION (Schools, Universities) 
Sodexo helps learning institutions foster a fulfilling 
educational environment in schools and on campuses 
while 
enabling 
universities 
to 
boost 
their 
attractiveness. Offering educational solutions and 
tools, the Group also supports clients in their 
infrastructure design and renovation projects.
BUSINESS & ADMINISTRATIONS
(Corporate Services, Energy & Resources, 
Government & Agencies, Sports & Leisure, Others)
Sodexo promotes quality of life at work through 
customized solutions that help businesses, public 
institutions, managers of prestigious venues and 
organizers of major events to create welcoming, 
creative, effective and innovative solutions, for all.
HEALTHCARE & SENIORS
Alongside healthcare professionals and throughout the 
entire care experience, Sodexo offers Foodservices, 
equipment 
engineering, 
clinical 
infrastructure 
solutions and a range of value-added integrated 
services designed to improve the quality of life of 
patients 
and 
seniors 
in 
residences, 
healthcare 
facilities, or at home.   
 Benefits & Rewards 
Services
As a tech-enabled employee benefits and engagement 
platform, 
operating 
in 
a 
tech-advanced 
digital 
ecosystem, Sodexo Benefits & Rewards Services 
creates compelling employee experiences designed to 
help people feel engaged, motivated and cared for. As 
the number two world leader in employee experience, 
Sodexo Benefits & Rewards Services delivers over 
250 proven products to clients in 31 countries, all with 
a unique digital approach backed by industry leading 
technology. 
A FULL SUITE OF DIGITAL 
AND INNOVATIVE SOLUTIONS
Every day, 36 million consumers worldwide interact 
with products and services all targeted to what they 
really need to thrive. From ordering food to accessing 
health and well-being benefits, Sodexo Benefits & 
Rewards Services helps its clients empower, support 
and care for their employees, everywhere.
SUSTAINABLE AND PERSONALIZED 
EXPERIENCES
These digital solutions allow employees to engage in 
the way they want, offering them easy-to-use, flexible 
and 
highly 
personal 
experiences. 
Connecting 
consumers through 500,000 clients to 1.7 million 
affiliated 
merchants 
around 
the 
world, 
Sodexo 
Benefits & Rewards Services drives an end-to-end 
ecosystem and offers a best-in-class digital experience 
for each, with high CSR standards.
PROFILE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
11

An independent Board 
of Directors
A key body in the governance of the Group, the Sodexo Board of Directors, which guarantees a long-term 
vision, has 12 directors who bring their recognized expertise and experience in key areas for the Group: 
market share strategy, international development, social and environmental responsibility.
During Fiscal 2022, the Board of Directors met 16 times, with an attendance rate of 92%. This year, its work 
focused in particular on the governance evolution, the review of the business portfolio and the monitoring of the 
impact of the Covid-19 pandemic, the war in Ukraine and inflation.
To make its decisions, the Board of Directors relies on the work of its three Committees, responsible for 
formulating recommendations. Each committee is chaired by an Independent Director.
For more information u See chapter 6
of the Universal Registration Document.
BOARD OF DIRECTORS
As of August 31, 2022
Sophie Bellon
Chairwoman
and CEO
Luc Messier
Lead Independent 
Director, 
President of Reus
Technologies LLC
Françoise 
Brougher
Independent
Director
Jean-Baptiste 
 Chasseloup 
de Chatillon
Chief Financial 
Officer, Sanofi
Federico J. 
González Tejera
Chief Executive 
Officer, Radisson 
Hotel Group
François-Xavier 
Bellon
Chairman of the 
Management Board 
of Bellon SA
Véronique Laury
Independent
Director
Sophie Stabile
Chief Financial 
Officer, Lagardère; 
Chairwoman of the 
Audit Committee
Cécile Tandeau 
de Marsac
Chairwoman 
of the Compensation 
and Nominating 
Committees
Audit Committee member
Compensation Committee member
Nominating Committee member
Nathalie 
Bellon-Szabo
Chief Executive 
Officer, Sodexo Live! 
Worldwide
Philippe Besson
Head of Projects
and Sponsorship,
Sodexo France
Cathy Martin
Regional Manager,
Sodexo Canada
During the Fiscal 2022 Shareholders Meeting of December 19, 2022, 
the renewals of Véronique Laury, Luc Messier and Cécile Tandeau de Marsac 
are proposed to the shareholders vote, as well as the appointment 
of Patrice de Talhouët.
Patrice 
de Talhouët 
Managing Director, 
Bellon SA 
PROFILE
12
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Following the appointment of Sophie Bellon as Chairwoman and Chief 
Executive Officer, the Board of Directors which includes a majority 
of independent Directors, has also decided to appoint Luc Messier, 
a Director of Sodexo since January 2020, as Lead Independent Director.
THE ROLE OF THE LEAD DIRECTOR
The Lead Director is responsible 
for the proper functioning 
of the governance bodies 
and participates in the preparation 
of the Board of Directors’ calendar 
and agendas. He ensures the 
connection between the independent 
Directors and the other Board 
members, ensures that the Directors 
are properly informed, and chairs 
the executive sessions. He reports 
to the Board on the shareholders’ 
questions on governance. He brings 
to the attention of the Chairwoman 
and the Board members any conflicts 
of interest situations that he may 
have identified. He reports on his 
mission to the Board.
“Since my appointment, I have met with 
several shareholders to share my vision for 
the role and to listen to their expectations. 
I have also been in regular contact with our 
Board Members. I have been serving on the 
Nomination Committee since 2021. I now 
also participate in Audit and Compensation 
Committee meetings. I have participated 
in the assessment of our Board and 
committees operating procedures and 
proposed an action plan with areas 
for improvement. This year, the activity 
of the Board of Directors has been 
particularly rich, and I would like to salute 
the commitment of each of our Directors 
and the collective intelligence that drives 
them.“
LUC MESSIER
Lead 
Independent 
Director
KEY FIGURES AS OF AUGUST 31, 2022
12
MEMBERS
2
DIRECTORS 
REPRESENTING EMPLOYEES
3.5 years
ON AVERAGE IN OFFICE 
FOR INDEPENDENT DIRECTORS
60%
WOMEN*
70%
INDEPENDENT DIRECTORS*
4
NATIONALITIES
92%
AVERAGE ATTENDANCE
57.5 years
AVERAGE AGE
*    Excluding directors representing employees.
A RESPONSIBLE COMPENSATION POLICY
In the interest of Sodexo and its 
stakeholders, and in accordance with 
our values, the Board of Directors ensures 
that the Company offers a responsible 
compensation policy to deliver 
performance and achieve Sodexo’s long-
term strategy.
Following the appointment of Sophie 
Bellon as Chief Executive Officer, Sodexo’s 
Board of Directors met on February 28, 
2022 to decide on the elements of her 
compensation as of March 1, 2022.
•
The compensation structure of the 
Chairwoman and Chief Executive 
Officer is in line with that of the 
previous Chief Executive Officer, 
approved by the Shareholders Meeting 
of December 14, 2021, and will be 
submitted to shareholders for 
approval by an ex ante vote during 
the next Shareholders Meeting on 
December 19, 2022.
•
The Chief Executive Officer’s 
compensation policy is structured 
to achieve a balance between long- 
and short-term performance in order 
to promote the Group’s development 
for the benefit of all of its 
stakeholders. It aims at strengthening 
the executive officer’s motivation, 
while aligning her interests with those 
of the shareholders and the social 
interest of the Company.
•
It consists of an annual fixed 
compensation of 900,000 euros, 
rewarding the responsibilities 
attached to this type of corporate 
office, an annual variable 
compensation, equal, at achieved 
objectives, to 100% of the fixed 
remuneration, whose objective is to 
encourage the Chairwoman and Chief 
Executive Officer to achieve the annual 
performance objectives set by the 
Board of Directors, and long-term 
compensation. She also benefits from 
a company car, a supplementary 
pension plan open to the Group’s main 
senior executives and life and 
healthcare expense plans under the 
same conditions as those applicable 
to employees of the Group's French 
entities.
•
As in past years, the Chairwoman and 
Chief Executive Officer does not receive 
any other compensation allocated for 
her term of office as a director of 
Sodexo S.A. 
For Fiscal 2022, taking into account the 
different roles during the period, Sophie 
Bellon's fixed compensation amounts to 
882,402 euros, her variable compensation 
pro rata temporis to 587,250 euros. 
She does not benefit from any long-term 
compensation, her appointment being 
after the date of allocation of the Fiscal 
2022 plan.
For more information on the compensation of the Chairwoman and CEO, see Chapter 6 of the Universal 
Registration Document and available information on sodexo.com.
PROFILE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
13

Long-term vision 
ensured through founding 
family shareholding
Sodexo’s independence is ensured through the shareholding of Bellon family members. This family-held 
control guarantees a long-term vision and is key to Sodexo’s success. As of August 31, 2022, Bellon SA held 
42.8% of Sodexo’s capital and 57.5% of the exercisable voting rights.
In June 2015, Mr. and Mrs. Pierre Bellon and their 
children entered into a 50-year agreement, which 
prevents the direct descendants of Sodexo’s founder from 
freely disposing of their shares in Bellon SA. The sole 
asset of Bellon SA is its holding in Sodexo shares and 
Bellon SA does not intend to sell this shareholding to 
third parties.
This independence enables the Company to sustain its 
values, focus on a long-term strategy and ensure long-
term sustainability. 
Since 
the 
creation 
of 
Bellon 
SA, 
the 
sustained 
commitment 
to 
building 
a 
truly 
international 
organization, nurturing lasting client relationships and 
developing a successful integrated offering has reflected 
this vision.
To ensure this independence, a service agreement was 
concluded in 1991 between Sodexo and Bellon SA, 
renewed at the Shareholders Meeting on December 14, 
2021 for a 5-year period, to consolidate the position of 
Bellon SA as the Group’s managing holding company. 
CAPITAL STRUCTURE
As of August 31, 2022
DISTRIBUTION OF EXERCISABLE
VOTING RIGHTS
As of August 31, 2022
PROFILE
14
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Effective risk management
Managing risks lies at the heart of Sodexo’s business. Good risk management drives better business 
decisions, protects our assets and supports our strategic priorities.
Our Risk Management Approach
Sodexo has put in place a well-defined process for 
identifying, assessing and managing risks at the 
appropriate level within the organization, from our 
colleagues working on-site, to our senior executives 
looking at strategic risks for their activity (see diagram).  
Measures to manage the risks identified are implemented 
at site, country, regional or global level depending on 
their nature. The progress of those action plans is 
monitored and reported to senior management on a 
regular basis. 
Operational managers are assisted by transversal 
support functions who define the procedures and 
standards and provide tools and processes to help 
manage risks. Internal Audit carries out an independent 
assessment 
of 
risk 
management 
and 
makes 
recommendations 
for 
improvements. 
Overall 
responsibility for the robustness of risk management 
procedures lies with Sodexo’s Executive Committee, while 
Sodexo’s Board of Directors and the Audit Committee 
provide risk oversight, ensuring that procedures are 
functioning effectively.
• Review to ensure  that we have 
the right plans in place
• Insightful reporting
• Identify risks that could impact 
our business objectives
• Develop mitigation actions 
and controls
• Understand the likelihood of the 
risk occurring and the impact
Main Risks
Each year, a risk profile is established based on the risk 
assessments senior management performs with regard 
to the main entities and also in interviews with senior 
executives. The risks considered to be the most 
significant for Sodexo  as of August 31, 2022 are 
presented in the table below. 
The risk profile has changed this year; the risk associated 
with staff shortages and resource planning being 
identified as “high”. The pandemic risk continues to be 
classified as a medium risk, but is considered lower 
overall than last year. 
MEDIUM LEVEL
HIGH LEVEL
CLIENTS/
CONSUMERS
Client retention
Changing consumer expectations and behaviors
Bidding risks 
Competition 
OPERATIONS
Client contract execution, including inflation management
Technology and information security
PEOPLE
Talent management and development 
Staff shortages and resource planning
CORPORATE
RESPONSIBILITY
Food, services and workplace safety
Environmental impact
EXTERNAL
ENVIRONMENT
Compliance with laws and regulations
Pandemic risks 
For more information, see 6.4 of the Universal Registration Document.
PROFILE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
15

A streamlined Leadership Team
Sodexo Leadership Team implements the strategic orientations 
established by the Board of Directors and oversees Sodexo's 
operations worldwide. 
This new team, chaired by Sophie Bellon, Chairwoman and 
Chief Executive Officer, is made up of 11 people. It combines 
cross-functional expertise and skills representative of all the 
Group’s activities and geographic regions.
A simplified organization
Starting in October 2022, Sodexo is transferring end-to-end P&L 
management to regions and countries, to bring empowerment, 
decision-making and quicker response times to a local level. 
The On-site Services activities are regrouped into three 
geographic zones: North America, Europe and the Rest of the 
World, which includes Asia-Pacific, Middle East, Africa, Brazil, 
and Latin America. A Growth and Commercial role has been 
created to accelerate our profitable growth and further develop 
the value of our segmentation. A Tech & Services function has 
been created to provide expertise as well as technical and 
operational support. This function bring together strategic 
planning, IS&T, data, digital, innovation and R&D, and also 
include our food and facilities management expertise.
For Benefits & Rewards Services, a dedicated governance is in place.
For the Group, a Chief Impact Officer has been appointed to ensure 
that Sodexo’s purpose, mission and values are constantly reflected 
in our operations and continue to provide a competitive advantage.
Sophie 
Bellon
Chairwoman 
and Chief Executive 
Officer
“This streamlined 
team for more 
agility aims to 
accelerate the 
return to 
sustainable and 
profitable growth, 
in particular 
by strengthening 
the client and 
consumer focus 
while maximizing 
the efficiency 
of our execution 
at the local level.”
Sophie Bellon
Key figures as of December 1, 2022
11
MEMBERS
45%
WOMEN
27%
NON-FRENCH
4
NATIONALITIES
18 years
ON AVERAGE IN THE GROUP
53 years
AVERAGE AGE
PROFILE
16
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

SODEXO LEADERSHIP TEAM
As of December 1, 2022
Nathalie 
Bellon-Szabo 
Chief Executive 
Officer 
Sodexo Live! 
Worldwide
Johnpaul 
Dimech
President 
APMEA, Brazil & 
Latin America
Sarosh 
Mistry
President 
North America
Sunil 
Nayak
President
Europe
Anna 
Notarianni
Group Chief 
Impact Officer
Marc 
Plumart
Chief Growth & 
Commercial Officer
Marc 
Rolland
Group Chief 
Financial Officer
Alexandra 
Serizay
Chief Tech & 
Services Officer
Aurélien 
Sonet
Chief Executive 
Officer Benefits & 
Rewards Services
Annick 
de Vanssay
Group Chief Human 
Resources Officer
For more information on Sodexo’s 
governance, see chapter 6 of the 
Universal Registration Document and 
www.sodexo.com
PROFILE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
17

A sustainable and shared 
value-creation model
OUR PURPOSE
We create a better everyday for everyone 
to build a better life for all.
OUR MISSION
Improve the quality of life of our employees 
and those we serve, and contribute to the 
economic, social and environmental progress 
in the communities where we operate.
RESOURCES
OPERATIONS
421,991
EMPLOYEES
€21.1bn
IN
CONSOLIDATED
REVENUES
INNOVATION
 INSIGHT GAINED
FROM
100 M
CONSUMERS
SUSTAINABLE
PROCESSES
RESPONSIBLY SOURCED
RAW MATERIALS
For more information, see Chapter 2 of the Universal Registration Document and www.sodexo.com
PROFILE
18
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

OUR VALUES
• Service spirit
• Team spirit
• Spirit of progress
OUR ETHICAL PRINCIPLES
• Loyalty
• Respect for people
• Transparency
• Integrity
STAKEHOLDERS
IMPACTS
79.1%
RETENTION RATE
OF TOTAL
WORKFORCE
€2.40
DIVIDEND PER SHARE
PROPOSAL FOR
THE FISCAL YEAR (1)
€7.8 bn
SPENT WITH
SMEs  (2)
 -27%
OF CO2 EMISSIONS 
REDUCTION (3)
(1) Submitted for approval 
at the Shareholders Meeting 
of December 19, 2022.
(2) Small and Medium Enterprises.
(3) Scopes 1, 2 and 3 compared 
to the 2017 baseline.
PROFILE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
19

Profitable and responsible 
growth over the long term
Since 1966, Sodexo has been dedicated to the goal of improving quality of life, 
convinced of its contribution to both higher organizational performance and 
societal progress. This consistent focus is the bedrock for sustainable and 
profitable growth which provides continuous development opportunities to 
its employees.
PROFILE
20
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

PROFILE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
21

Strategy and
performance
22
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Generate 
sustainable 
and 
profitable 
growth
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
23

 
  
 
Changes underway 
in our markets
Sodexo always pays close attention 
to the world's major transformations with 
a view to understanding them and more 
effectively supporting them. In a highly 
competitive environment, analyzing 
demographic, social, environmental, 
economic and technological changes allows 
Sodexo to fine-tune its strategy and take 
advantage of the many opportunities 
for future growth that come its way. 
Several of the major global trends that 
influence its business model are directly 
linked to its markets and its activities, 
requiring adaptation to its services 
and generating new opportunities.
New work 
environments
At a time when employees are returning to the 
office after the Covid-19 pandemic, hybrid work 
methods and flexible work hours (with an average 
of two to three days of working from home 
per week for white collar workers) are having 
a large impact on office occupancy, encouraging 
companies to have their workspaces redesigned 
and adapt the workplace experience.
Employees are expecting personalized services 
and flexible solutions for individual and 
multichannel Foodservices, and are now making 
the quality of meals and of physical and mental 
well-being at the workplace the leading criterion 
of their demands. Some 72% of them want 
premium Foodservices*.
Extended 
care services
The aging of the population and the explosion of healthcare expenses 
are driving the growth of the markets of care. By 2030, 
these expenses are expected to reach 10% of GDP in OECD countries. 
By 2050, 25% of the population in Europe and North America 
will be 65 or older*. In addition to the interest of adapting 
Foodservices to the specific needs of these populations, opportunities 
to support healthcare facilities are increasing, in terms of improving 
the patient experience, thanks in particular to data analysis, and also 
in the areas of healthcare technology management. 
STRATEGY AND PERFORMANCE
24
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

New challenges 
in the education 
sector
With 30% of children in OECD countries 
suffering from obesity, young people’s diets 
have become a major public health issue, 
requiring specific responses and reinforcing 
opportunities at schools and universities.
Schools and universities, both public and private 
are currently facing investment choices and 
must make decisions in the area of Foodservices 
that need to be supported by the right services.
The ecological 
transition: 
a strategic 
challenge 
for businesses
At a time when individuals are becoming more 
aware of the importance of protecting natural 
resources, an acceleration in legislation is driving 
businesses to incorporate GHG reduction 
commitments into their business models.
These new strategies addressing climate issues 
are stimulating the demand for expert solutions 
and value-added services designed to reduce 
GHG emissions.
A new 
approach 
to leisure
New ultra-connected and multigenerational 
consumers from the middle classes are devoting 
a growing share of their budget to recreation 
and culture, and they have new expectations: 
having unforgettable experiences and 
meaningful social interactions, and better 
controlling their ecological footprint. 
In fact, 77% of consumers* consider the climate 
emergency to be their main concern.
Services 
enhanced by 
technological 
progress
Whether placing an order for a meal, interacting 
with colleagues or optimizing production 
and distribution chains, we are encountering 
technological change everywhere. For some 
companies, these changes are profoundly 
transforming the realities of work.
New offers and new services are being developed 
as well as existing services optimized 
by technology, for the benefit of people, 
and with relevance to needs and operational 
effectiveness.
* Organisation for Economic Co-operation and Development (OECD) and Sodexo internal sources.
STRATEGY AND PERFORMANCE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
25

A strong increase in revenues 
and profitability in Fiscal 2022
During Fiscal 2022, Sodexo accelerated its response to the challenges of the post-Covid period, 
strengthening its competitiveness and accelerating its transformation.
Revenue 
growth 
and 
profitability 
improvement have been strong during the 
period, reflecting the solid recovery in all 
activities. Fiscal 2022 consolidated revenues 
reached 21.1 billion euros, up +21.2% year-
on-year, driven by organic growth of 
+16.9%, 
a 
net 
contribution 
from 
acquisitions and disposals of -1.2% and a 
strong positive currency impact of +5.5%. In 
On-site Services, the recovery continued 
sequentially throughout the year, returning 
to 99% of Fiscal 2019 in the last quarter. 
Key 
performance 
indicators 
improved 
significantly with client retention up +140 
bps compared to the previous year, new 
sales development up +150 bps with a solid 
contribution from all segments. Benefits & 
Rewards 
Services 
organic 
growth 
was 
+14.2% with Employee benefits at +18.7%, 
accelerating 
quarter 
after 
quarter. 
Underlying 
operating 
profit 
was 
1,059 
million euros, up +83.3% and Underlying 
operating margin reached 5.0%, up +170 
bps, as the results of the strong recovery in 
volumes, the benefit of the GET efficiency 
program and strong actions to mitigate 
inflation 
through 
indexation, 
contract 
renegotiations and productivity. 
Since October 2021 and the appointment 
of Sophie Bellon as CEO, Sodexo has made 
fast and significant progress on her 
immediate priorities. 
BOOST U.S. GROWTH
In North America, organic growth has 
accelerated and profitability has improved, 
with 
significant 
progress 
on 
all 
KPIs. 
Operational execution is improving. As a 
result, retention is up by 400 basis point vs 
last year, to over 96%. Development is also 
up 400 basis points in North America. For 
the first time since 2017, Sodexo had a 
positive net new business, which will 
contribute to growth next year. First-time 
outsourcing 
is 
increasing, 
and 
now 
represents 44% of new signatures. In 
addition 
to 
the 
simplification 
of 
the 
operational 
organization, 
a 
long-term 
incentive 
scheme 
has 
also 
been 
implemented for 97 members of the North 
America senior leadership team.
ACCELERATE THE TRANSFORMATION 
OF OUR FOOD MODEL 
Attractive brands and offers, focusing on 
high-quality, seasonal, fresh and locally-
sourced food, are being deployed in the 
major geographies, addressing, in particular, 
the new trends within the industry and new 
expectations. Sodexo is also focusing on the 
transformation of production and logistics, 
with a new generation of off-site units to 
centralize production, key to support its 
advanced models such as connected fridges. 
This year, Sodexo acquired Frontline Food 
Services and VendEdge in the U.S. and 
opened a new off-site production unit in 
Boston, enabling the Group to respond to 
the 
quickly 
evolving 
environment 
and 
consumer expectations, and providing its 
clients with new, innovative, high-quality, 
expert food offers to attract people back into 
the office and support their employee value 
proposition. 
Premium 
brands 
such 
as 
Fooditude, Nourish, as well as the central 
production units in Boston and Beijing now 
account for 6% of Corporate Services food 
revenues. 
MANAGE OUR PORTFOLIO 
MORE ACTIVELY 
The Group ensures that each of its activities 
benefits from optimal positioning in its 
market. As part of its portfolio review, 
Sodexo continued to divest from non-core 
activities, services and geographies, where 
density, market shares or expertise pools 
were 
inadequate. 
For 
example, 
Sodexo 
combined its childcare activities with those 
of the Grandir group and sold its On-site 
activities in Morocco and the Congo, its 
activities in Russia as well as non-strategic 
account portfolios in Australia and the 
Czech Republic. In the meantime, Benefits & 
Rewards 
Services 
divested 
from 
its 
operations in Russia, sold Rydoo, its Travel 
& 
Expenses 
business, 
and 
exited 
its 
investments in Sports aggregation. Sodexo 
is continuing to reduce its geographical 
footprint, from 80 countries in 2018 to 53 
countries at the end of Fiscal 2022. At the 
same 
time, 
Sodexo 
developed 
its 
convenience business, which is a profitable 
addressable market and actively built its 
GPO in Europe through acquisitions. Sodexo 
Benefits & Rewards Services also acquired a 
majority stake in Wedoogift (now Glady), 
creating the leading player in the gift 
voucher market in France.
ENHANCE THE EFFECTIVENESS 
OF OUR ORGANIZATION
The GET efficiency program was closed 
during Fiscal 2022 with better cost savings 
than anticipated. It was designed, on the one 
hand, to protect gross margins by adapting 
on-site 
cost 
structures 
to 
new 
post-
pandemic volumes. On the other hand, this 
program also aims to structurally reduce 
SG&A by simplifying the Group's structures 
to free-up capacity for investment in growth 
and to improve margins. 
To capitalize on the exceptional agility 
demonstrated during the pandemic, the 
Group 
pursues 
the 
adaptation 
of 
its 
organization to enhance its effectiveness. In 
Fiscal 2022, Sodexo announced the transfer 
of end-to-end P&L management to regions 
and countries, to bring empowerment, 
decision-making and reactivity to a local 
level. The On-site Services activities are now 
regrouped into three geographic zones: 
North America, Europe and Rest of the 
World, which includes Asia-Pacific, Middle 
East, Africa, Brazil, and Latin America. 
Benefits & Rewards Services also benefits 
from a dedicated governance.
Fiscal 2022 key figures 
CONSOLIDATED 
REVENUES  
€21,125m
(+16.9% 
organic growth)
ON-SITE 
SERVICES REVENUES
€20,263m
(99% of Fiscal 2019 
revenues at constant rate 
by the fourth quarter)
 
Client 
retention rate 
94.5%
New sales 
development 
7.5%
Same 
site sales 
+21.0%
BENEFITS & 
REWARDS SERVICES 
REVENUES
€865m
(115% of Fiscal 2019 
revenues at constant rate 
by the fourth quarter)
UNDERLYING
OPERATING
PROFIT
€1,059m
UNDERLYING
OPERATING
MARGIN 
5.0%
CSR performance
In 2022, the teams fully supported 
the resumption of activities 
on client sites and worked to achieve 
 objectives in terms of natural resources 
preservation and sustainable 
practices in particular.
 -41.5%
Food waste 
reduction on the sites 
having deployed 
the WasteWatch 
program.
 -27%
Reduction in 
carbon emissions 
(scopes 1, 2 and 3) 
compared to 2017 
levels.
For more information on Sodexo performance, 
see pages 34 to 39.
STRATEGY AND PERFORMANCE
26
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

2025 strategy: 
refocus and acceleration
Capitalizing on its strong foundation and operating in attractive, growing markets, Sodexo announced 
the implementation of a solid strategy built around three pillars and supported by three key enablers.
1. REFOCUS ON FOOD SERVICES 
AND BE MORE SELECTIVE IN FACILITIES 
MANAGEMENT 
Since day one, food has been Sodexo’s DNA 
and the Group is recognized for its food 
expertise. 
The 
Group 
will 
continue 
to 
upgrade and upscale its existing food 
models and will accelerate the development 
of advanced food models to address fast-
changing consumer needs and behaviors: 
multichannel, anytime anywhere, hybrid. 
The Group will reinforce its investments in 
convenience, 
aggregation 
and 
off-site 
production, both organically and through 
acquisitions. In 2025, these advanced food 
models will represent 10% of On-site 
Services food revenues, with a positive 
impact on profitability. 
With a selective approach, Sodexo will focus 
its Facilities Management services where 
they 
are 
complementary 
to 
the 
food 
experience, accretive to the business and 
valued by clients and consumers. These 
include 
workplace 
management 
and 
dynamic tech-driven cleaning for corporate 
clients, or infection control, healthcare 
technology 
management 
and 
patient 
experience in hospitals. 
To drive maximum value and ensure strong 
market coverage. Sodexo is targeting the 
right clients, with the right services in the 
right countries. Therefore, the Group is 
targeting growth in the most attractive 
value pools with the aim to be a strong 
number two in North America, to maintain a 
leading position in Europe, and to remain 
the number one international food player, 
with a higher-end positioning in Rest of the 
World. The Group will also continue to 
develop the full potential of Entegra, its 
Group Purchasing Organization (GPO) with a 
goal to double 2021 revenues by 2025.
2. ACCELERATE THE GROWTH 
OF BENEFITS & REWARDS SERVICES
The second strategic pillar is to accelerate 
the profitable growth of Benefits & Rewards 
Services. The employee benefits and well-
being business is the highest contributor in 
terms of Underlying operating profit margin, 
with strong development potential.
Following a profound transformation which 
started five years ago, Benefits & Rewards 
Services activity is now 90% digital, and 
stongly positioned to support companies to 
enhance their employee experience. Sodexo 
put in place a dedicated governance for this 
specific tech business model to create the 
right conditions for growth acceleration. For 
the first time, Benefits & Rewards Services 
now has its own published objectives for 
Fiscal 2023 with Organic growth of +12 to 
+15% 
and 
Underlying 
operating 
profit 
margin around 30% at constant rates. For 
Fiscal 2024 and Fiscal 2025, growth is 
expected to be low double digit with an 
Underlying operating profit margin of above 
30% in Fiscal 2025.
3. STRENGTHEN THE IMPACT AS MARKET 
MAKER IN SUSTAINABILITY
In line with its mission and purpose, Sodexo 
wants to have a positive impact on the 
planet and put people at the core of its 
business. A new role of Chief Impact Officer 
was created with the mission to ensure 
Sodexo’s purpose and values are constantly 
reflected in its operations and provide a 
competitive 
advantage. 
Sustainability 
underlies Sodexo’s strategy and drives the 
way the Group does business. Sodexo is 
actively continuing its journey to achieve 
-34% carbon emissions reduction by 2025, 
by 
extending 
the 
deployment 
of 
its 
WasteWatch program to 85% of its food 
services sites by 2025, from 46% today. 
To continue to address the major challenge 
of global warming, Sodexo has launched a 
process with SBTi to formalize a “science-
based” 2040 Net Zero commitment, which 
will be a first in the sector. Recognized as a 
leader in Diversity, Inclusion and Equity, 
Sodexo is about to achieve its gender 
balance objectives at top management level 
and is targeting gender balance in 100% of 
its management at country level teams by 
2025. 
These three strategic pillars 
are supported by three key enablers:
     a. Tech & Data
Technology 
investments 
are 
a 
critical 
enabler of growth. With around 500 million 
euros annually of IS&T, Digital and Data 
spend, the Group is investing in its tech 
infrastructure to make it a robust and 
secure foundation. The aim is to optimize 
internal and supplier business processes and 
applications, as well as support increased 
consumer focus, with more engagement, 
experiences and share of wallet. By 2025, 
Sodexo aims to have 10 million active 
consumers on its digital on-site ecosystem. 
     b. Commercial excellence
Supported by strong focus on brands and 
advanced food models execution, Sodexo is 
aiming to take client retention above 95%, 
key 
to 
profitable 
growth. 
Working 
continually on its commercial excellence, 
Sodexo benefits from a best-in-class CRM 
system and new digital sales and marketing 
tools (MSDC) that are making a significant 
difference in North America, with digital 
marketing leads accounting for 60% of the 
pipeline. The MSDC tool is currently being 
deployed in Europe.
     c. Supply chain power
At a time of global pressure on supply chain 
and double digit inflation, supply chain 
management is key. Sodexo has been 
investing in people and data to improve 
collaboration and to optimize spend. While 
continuing to manage a balanced approach, 
with strong category management, Sodexo 
is driving efficiency and increasing its local, 
inclusive and responsible sourcing. On-site 
Services aim at purchasing 2 billion euros 
per year with SMEs by 2025 and at 
empowering its supply chain as a selling 
power machine by driving collaboration to 
co-build 
strong, 
innovative 
offers 
with 
suppliers. The Group is also continuing to 
develop Entegra, its GPO, in the United 
States and in Europe, in food & hospitality 
as both a profit center and a means of 
superior purchasing power.
STRATEGY AND PERFORMANCE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
27

Accelerate On-site Services
On-site Services, both Food and Facilities Management Services, is a more than 600 billion euros market 
globally, still more than 50% is self-operated, and therefore represents an attractive growth potential. 
Changes in client and consumer expectations have been particularly significant in recent years and have 
led the Group to refine its strategy for sustainable and profitable growth in the long term. 
In line with its mission and purpose, Sodexo 
aims at being a leader in sustainable food 
and valued experiences, at every moment of 
life, 
operating 
globally 
in 
2 
large 
environments: WORK (with a focus on 
Corporate Services) and HEAL (Healthcare & 
Seniors), 
and 
with 
selective 
regional 
positions in LEARN and PLAY. The Group 
brings differentiation in the way of serving, 
leveraging and improving its valued services 
to 
augment 
consumer 
experience 
and 
nurture its client relationships. Its services 
benefit all stakeholders: consumers through 
a valued experience, clients through an 
efficient 
and 
partnering 
relationship, 
employees through the pride of having an 
impact, and shareholders through strong 
performance.
REFOCUSING OF FOOD SERVICES
To lead in the Food experience business, 
Sodexo 
will 
continue 
to 
upgrade 
and 
complement its traditional model with a 
consumer-driven approach. It will accelerate 
in its key markets, by boosting deployment 
of 
consumer-oriented 
branded 
offers, 
continuing to invest in its digital ecosystem, 
and by complementing its traditional food 
offer with new distribution channels, with 
CSR at the heart of the operations.
The Group intends to develop its branded 
offers and blockbusters such as Modern 
Recipe, Kitchen Works, The Good Eating 
Company, Nourish or Fooditude. The Group 
aims at reaching more than 50% of its Food 
revenues coming from branded offers by 
2025 (vs. less than 30% to date). 
Sodexo will continue to accelerate the 
development of advanced food models to 
support its Food refocus and address fast-
changing 
needs 
and 
behaviors: 
multichannel, anytime anywhere, hybrid. 
Through more investments in Convenience, 
Aggregation, 
and 
Off-site 
production, 
organically 
and 
through 
acquisitions, 
Sodexo aims that in 2025, these advanced 
food models will represent 10% of its food 
revenues overall (2% today), with a positive 
impact on profitability.
In addition, Sodexo has a strong ambition on 
off-site Food production with the ambition 
to at least doubling the number of owned 
culinary units (vs 20 today). The new 
generation culinary units aim at serving its 
traditional 
restaurants 
as 
well 
as 
its 
advanced 
models 
and 
will 
optimize 
production to increase quality standards, 
supported by robotization, compliance to 
the supply catalogue, and reduced food 
waste.
BEING MORE SELECTIVE IN FACILITIES 
MANAGEMENT SERVICES  
Facilities Management Services represents 
40% of Sodexo's Fiscal 2022 revenues with 
different 
weights 
by 
region. 
While 
it 
represents less than 30% in North America, 
France or Brazil, it represents more than half 
of the revenues in Asia Pacific, Latin 
America, 
the 
United 
Kingdom 
and 
Continental Europe. 
As Sodexo is refocusing its strategy on Food 
Services, 
it 
will 
leverage 
Facilities 
Management Services to augment this 
experience. The Group will focus on valued 
services which are accretive to overall 
margins to provide a delightful consumer 
experience or bring value to clients, enabling 
the Group to nurture its B2B relationships. 
To improve efficiency, Sodexo will reinforce 
its command center activities. From 16 
command centers covering 30% of its 
accounts 
today, 
the 
Group 
aims 
to 
consolidate volumes further and increase 
activities of the leading command centers at 
a pace of +10% per year as well as shifting 
its client relationships to a “solutions-based 
model”.
A SIMPLIFIED GEOGRAPHIC 
ORGANIZATION
To deploy its strategy with agility, Sodexo 
made the decision in Fiscal 2022 to transfer 
end-to-end P&L management to regions and 
countries (effective on October 1, 2022), to 
bring empowerment, decision-making and 
reactivity closer to the ground. The On-site 
Services activities are regrouped into three 
geographic zones: North America, Europe 
and Rest of the World.
• In North America  (U.S. and Canada), 
Sodexo will focus growth on the most 
attractive value pools, invest in advanced 
food models and keep focus on operational 
excellence and client retention.
• In Europe (UK&I, France and Continental 
Europe), its home markets, Sodexo will focus 
on profitability improvement, with a focus 
on retention, innovation, especially CSR 
driven, and scaling new models to support 
sustainable and profitable growth.
 
• In Rest of the World (Asia-Pacific, Latin 
America, Brazil and Middle East & Africa), 
which covers fast-growing markets, Sodexo 
has obviously a high growth potential due to 
demographic trends and low outsourcing 
rates. In Asia-Pacific, Latin America and 
Brazil, where the Group already has leading 
positions, Sodexo is focused on growth to 
maintain its leading position, and invest in 
Advanced food models.
   
1     NORTH AMERICA
2     EUROPE
3     REST OF THE WORLD
44% of On-site Services Fiscal 2022 revenues
123,000 employees
2,000 clients
38% of On-site Services Fiscal 2022 revenues
117,000 employees
9,000 clients 
18% of On-site Services Fiscal 2022 revenues
177,000 employees
2,000 clients
Service Mix
Service Mix
Service Mix
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SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Strong business brands 
to support growth
As part of its refocus and acceleration strategy, the Group has strong ambitions when it comes 
to food brands. Sodexo's consumer driven competitive brand portfolio is a key driver of profitable 
and sustainable growth, able to address its clients' and consumers' expectations across geographies, 
driving preference and improving site level performance as well as client & consumer satisfaction. 
In addition to the historic brands developed by Sodexo over the years, the Group recently made 
targeted investments, through M&A and partnerships. Below are some examples of these brands.
A contemporary, all day food restaurant 
concept that transforms canteens into 
flexible spaces, encouraging well-being, 
engagement and collaboration. 
Based on fresh, vibrant, global menus with 
a fine balance between classic and 
energizing, healthy options with a 
deliberate focus on sustainability. 
Originally targeted at high-end corporate 
accounts in metropolitan areas, now 
evolving to also target cross segment 
mainstream sites, now deployed in North 
America, United Kingdom & Ireland, France 
and Continental Europe.
InReach is about convenience services, 
focusing on the delivery in a seamless 
shopping experience, supported by 
technology. InReach is a range of food 
service lines to address different needs in 
different spaces, from micro-markets, 
micro-cafés, vending, convenience stores, 
pantries and more. With 61% of consumers 
interested in purchasing products that save 
time and effort, convenience plays an ever-
growing role in the quality of life of 
individuals and the performance of 
organizations. The deployment of this 
brand on a larger scale in the United States 
is underway to meet the new expectations 
of consumers.
Nourish, Inc., acquired by Sodexo in early 
2021, is a well-established brand in the San 
Francisco Bay Area. Its off-site commissary 
design and its app-centric service model 
empowers consumers to order what they 
want when they want it thanks to on-site, 
click&collect, scan&go and hospitality 
solutions. Each day, chefs prepare fresh, 
delicious, healthy meals, with menus 
focused on low-inflammation diets with 
clean proteins, healthy oils, non-GMO 
ingredients, and clearly labeled allergens, 
tracking everything from ingredients to 
opinions to provide the right quantities of 
the right products.
As one of London’s leading names 
in ‘delivered-in’ workplace catering and 
through a flexible and people-focused 
approach, Fooditude serves healthy, high 
quality and sustainable workplace food. 
The freshly prepared food is cooked from 
scratch in a central kitchen each day and 
thanks to the delivered-in model combined 
with site management, Fooditude offers 
a flexible service that matches clients’ 
changing headcount or workplace goals. 
Its client base is primarily comprised 
of media and technology organizations. 
Since acquiring a majority stake in 
December 2020, the brand has expanded 
to Ireland with a team operating out 
of its new Dublin cloud kitchen.
The Good Eating Company is a premium, 
high-end food offer focused on high-quality 
ingredients prepared exceptionally, and 
brought to consumers at work while 
respecting them and their environment. 
It provides on-site the right-sized offers, 
flexible and hybrid models for the evolving 
workplace, with or without an on-site 
kitchen. In addition, The Good Eating 
Delivered uses central kitchen and the 
digital retail app Everyday to order and 
deliver food. 
Acquired in the United Kingdom in 2018, 
The Good Eating Company food brand has 
successfully expanded in the United States 
from November 2020, with a growing 
number of clients, among which are some 
tech giants in Silicon Valley. The Group also 
aims to develop the brand in Europe.
STRATEGY AND PERFORMANCE
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29

Benefits & Rewards Services: 
an ambitious acceleration 
and profitability plan
Benefits & Rewards Services is implementing a strategic plan to accelerate its growth and better address 
the vastly underpenetrated market potential. The activity will benefit from supportive market conditions 
including global working trends, the growth potential of the SMEs segment and the positive opportunities 
of regulatory frameworks. With this strategy, Benefits & Rewards Services aims to accelerate further 
and improve its profitability, by unlocking the full potential of its existing assets, reinforcing in the 
Meal & Food markets and augmenting its core business.
A SOLID GLOBAL FOOTPRINT 
AND A VIRTUOUS MODEL
As the #2 worldwide in employee benefits 
and 
engagement, 
Benefits 
& 
Rewards 
Services operates in 31 countries, and a 
leadership position in Employee Benefits in 
17 of these markets, with a team of 4,800 
highly 
engaged 
team 
members. 
With 
500,000 clients, 36 million consumers and 
1.7 million merchants, Benefits & Rewards 
Services has a virtuous business model 
bringing value to every stakeholder. With 
over 4.4 million daily transactions powered 
by data, the issue volume was over 19 
billion euros in Fiscal 2022. This cash 
generative business model is naturally fit for 
growth, and delivers financial performance 
in a wide range of economic scenarios. For 
Fiscal 2023, Benefits & Rewards Services is 
expected to generate +12 to +15% organic 
growth 
and 
around 
30% 
Underlying 
operating profit margin. For Fiscal 2024 and 
Fiscal 2025, a low double-digit revenue 
growth and an Underlying operating profit 
margin of above 30% in Fiscal 2025 are 
expected.
A TECH-ENABLED EMPLOYEE BENEFITS 
AND ENGAGEMENT PARTNER
Guided by its vision to bring to life a 
personalized 
and 
sustainable 
employee 
experience at work and beyond, Benefits & 
Rewards Services is now operating a fully 
digital business. Circa 90% of its issue 
volume is digital, with 1 million app 
downloads on average per month and 
mobile transactions in France and Brazil 
multiplied by six over the last year. Benefits 
& Rewards Services already connect 500 
delivery and e-commerce platforms across 
18 countries to clients and consumers. Since 
2018, Capex close to 300 million euros in 
technology has created a highly scalable 
digital platform.
ACCELERATE IN MEAL & FOOD MARKETS
Benefits & Rewards Services is focusing on 
growing its core and accelerating in the Meal 
& Food market, moving from a generalist 
benefit provider to a tech-enabled, trusted 
HR partner. To do so, the investments are 
focused on increasing the range of products 
available and building flexible and integrated 
offers, 
providing 
targeted 
and 
useful 
analytics to clients and delivering excellent 
sales 
experience. 
Improvements 
will 
continue to enhance consumer experience, 
to move from an easy-to-use transactional 
app to an app that increases engagement 
with consumers. There will continue to be 
innovation in payment options, and to 
leverage data to offer more personalized 
promotions, 
discounts 
and 
cashback 
programs, with CSR embedded offers. 
Based on the trusted relationship with the 
merchants, Benefits & Rewards Services will 
also transition from a traffic booster to a 
trusted partner by developing new services 
and helping them to improve performance 
through seamless payment flows, as well as 
by offering additional lead generation and 
marketing services. Benefits & Rewards 
Services aims to increase penetration of the 
SMEs segment, by improving the digital 
buyer journey.
Beyond SMEs, Benefits & Rewards Services 
will increase its investment in branding and 
digital marketing to continuously improve 
the user experience of its digital assets. 
AUGMENT CORE BUSINESS
Benefits & Rewards Services also aims to 
augment its core business by enriching its 
offers with Employee Multi-Benefit and 
Engagement platforms reinforcing its range 
of offers, including in Gift, Well-being and 
Mobility.  
The Employee Rewards & Recognition and 
Employee 
Engagement 
layer, 
already 
implemented in its major markets (Brazil, 
France, India and Romania) will continue to 
be integrated in a single modular platform, 
building or acquiring the services and 
partnering with external providers in a few 
cases, like recently with The Happiness 
Index. In the United Kingdom and the United 
States, Employee Rewards & Recognition 
offer will be strengthened with a view to 
leveraging it in other markets.
REINFORCE FOUNDATIONAL ENABLERS
To 
improve 
its 
operational 
efficiency, 
Benefits & Rewards Services will optimize its 
delivery model and reduce its processing 
costs by better leveraging its global scale. 
Because having the right talents is key, 
investing in people will continue, especially 
in key product, tech and data critical 
competencies. In terms of governance, 
Benefits & Rewards Services has put in place 
processes and instances to monitor progress 
in the execution of its plan. 
Benefits & Rewards will also continue to run 
Capex at close to 10% of revenues per year 
through 2025 to consolidate its One-
Platform 
ecosystem 
and 
continue 
to 
improve client, consumer and merchant 
digital experience, to monetize data and  
mutualize solutions.
As a trusted partner with best-in-class 
sustainable practices recognized externally, 
Benefits & Rewards Services will continue its 
corporate 
responsibility 
journey 
with 
commitments 
towards 
individuals, 
communities and the environment and will 
contribute to the Group 2040 Net Zero 
trajectory with SBTi. 
2025 
Outlook
Revenue growth 
acceleration
LOW DOUBLE DIGIT 
GROWTH FOR FISCAL 2024 
AND FISCAL 2025
Increased 
profitability
UNDERLYING OPERATING 
PROFIT MARGIN ABOVE 
30% IN FISCAL 2025
Net Zero 
trajectory
-34% REDUCTION 
OF CARBON EMISSIONS 
IN FISCAL 2025 VS FISCAL 2022
STRATEGY AND PERFORMANCE
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SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Accelerate in Food & Meal 
and augment core business
Guided by its vision to bring to life a personalized and sustainable employee experience at work 
and beyond, Benefits & Rewards Services is developing a wide range of offers and solutions in their 
different markets.
MEAL & FOOD SERVICES 
AT THE TOUCH OF A BUTTON
Thanks to its numerous partnerships with delivery platforms and 
its large network of more than 1.7 million merchants & 
restaurants, Benefits & Rewards Services provides consumers 
with access to a great variety of Meal & Food products. Wherever 
they are, at home or at the office, they can easily order the meal 
of their choice through a best-in-class app, and even benefit from 
a cashback system while they are shopping. A simple and easy 
way for clients to ensure access to a balanced food offer for their 
employees at work and beyond. 
MULTI-BENEFITS TO AUGMENT CORE BUSINESS 
With the growth of hybrid working models, employees are 
increasingly empowered. Their needs are changing for more 
flexibility and personalized benefits and services. Creating 
attractive compensation packages and a truly personalized 
employee experience requires a myriad of offers. Benefits & 
Rewards Services is consolidating these offers in a programmatic 
way: Meal & Food at the core, and gift, well-being, mobility 
among some of the services available. A way to help clients adapt 
and satisfy the evolving needs of their employees.
MOBILITY TO REDUCE CARBON FOOTPRINT
Employee mobility benefit is getting high traction at the 
moment. Benefits & Rewards Services already provides it in 8 
countries (France, Belgium, Colombia, Chile, Brazil, Mexico, Spain 
and India), with more to come. These services include products 
that measure the carbon footprint allowing its stakeholders to 
make responsible choices and reduce client scope 3 emissions. 
The recent partnership contracted with Skipr, a Belgium startup, 
for the French and Belgium markets is a clear demonstration of 
the commitment to act to reduce the carbon footprint, by 
facilitating consumer access to electric transportation.
A HAPPY EMPLOYEE IS AN ENGAGED EMPLOYEE
 
In the current tight labor market, it is essential for employers to 
be able to monitor the level of engagement and well-being of 
their employees at work. In partnership with the Happiness Index, 
a UK based technology company, Benefits & Rewards Services 
has started, in some countries, to offer services to measure the 
level of happiness of employees at work. Through a range of 
neuroscience-based surveys, companies can understand how 
employees think, feel and behave. With the help of data obtained 
and analyzed in real-time, companies can create targeted action 
plans to improve employee satisfaction, retention, and team 
performance. 
STRATEGY AND PERFORMANCE
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31

Acting responsibly 
on a daily basis
Anchored in the Group’s DNA since its creation in 1966, corporate responsibility is a cornerstone of 
Sodexo’s mission and operations. Particularly innovative at the time, this vision and the associated 
commitments progressed as the Company developed and the issues and collective challenges grew. The 
key issues developed in accordance with the United Nations Sustainable Development Goals (SDGs) and 
identified through the latest materiality assessment carried out by the Group in 2021 (available in 
chapter 2) confirm the consistency with Sodexo’s commitments as an employer, service provider and 
responsible company.
BETTER 
TOMORROW 
2025
OUR IMPACT 
ON INDIVIDUALS
OUR IMPACT 
ON COMMUNITIES
OUR IMPACT
ON THE ENVIRONMENT
 
OUR ROLE  
AS AN EMPLOYER
Commitment: Improve 
the quality of life of our 
employees, safely
Objective: 80% employee 
engagement rate
Commitment: Ensure a diverse 
workforce and inclusive culture 
that reflects and enriches 
the communities we serve
Objective: 100% of our 
employees work in countries 
that have gender balance in their 
management populations
Commitment: Foster a culture 
of environmental responsibility 
within our workforce and 
workspaces
Objective: 100% of our employees 
are trained on sustainable 
practices
OUR ROLE 
AS A SERVICE 
PROVIDER
Commitment: Provide and 
encourage our consumers to 
access healthy lifestyle choices
Objective: 100% of our 
consumers are offered healthy 
lifestyle options every day
Commitment: Promote local 
development and fair, inclusive 
and sustainable business 
practices
Objective: 10 billion euros 
of our business value will benefit 
SMEs(1)
Commitment: Source responsibly 
and provide management 
services that reduce carbon 
emissions
Objective: 34% reduction of carbon 
emissions(2)
OUR ROLE  
AS A CORPORATE 
CITIZEN
Commitment: Act sustainably 
for a hunger-free world
Objective: 100 million 
Stop Hunger beneficiaries(3)
Commitment: Drive diversity 
and inclusion as a catalyst 
for societal change
Objective: 500,000 empowered 
women in communities(3)
Commitment: Champion 
sustainable resource usage
Objective: 50% reduction 
in our food waste
(1)  Small and Medium Enterprises.
(2)  Absolute reduction in Scope 1, Scope 2 and Scope 3 carbon emissions, compared to a 2017 baseline.
(3)  Cumulated data since 2015.
For more information on the Fiscal 2022 non-financial indicators, see pages 38-39 and Chapter 2 of the Universal Registration Document.
STRATEGY AND PERFORMANCE
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SODEXO  —  FISCAL 2022 INTEGRATED REPORT

For a positive global impact
For Sodexo, choosing responsible growth means continuing to act on a daily basis to serve its 
clients and consumers, in a way that is safer, healthier and more respectful of the environment. 
It also means improving the way it takes care of its employees, the quality of the meals it serves 
and the services it offers as well as its role as a corporate citizen. Drawing on experience, Sodexo 
is continuing to measure, give meaning and mobilize its stakeholders to fully activate the 
transformative potential of its corporate responsibility commitments.
FACING THE CLIMATE EMERGENCY, 
AN AMBITIOUS AND GLOBAL 
PROJECT
Being the first company in its sector to 
have 
shared 
its 
environmental 
ambition, Sodexo is committed to 
taking action against climate change at 
all levels of its value chain. Since 2010, 
the Group has been working with the 
World 
Wildlife 
Fund 
(WWF) 
to 
understand, measure and reduce its 
global carbon footprint, in collaboration 
with its clients and suppliers. In 2019, 
Sodexo was also one of the first major 
groups to adopt a target of reducing its 
direct and indirect greenhouse gas 
emissions (scopes 1, 2 and 3) by -34% 
by 2025 compared to 2017, approved 
by the Science Based Targets initiative 
(SBTi) and in line with the Paris 
Agreement around a 1.5°C trajectory.
PROMOTING A HEALTHY 
AND SUSTAINABLE DIET
In addition to the health benefits for 
consumers, a varied, sustainable and 
plant-based diet is also a way to 
significantly reduce carbon emissions. 
Sodexo thus raises awareness among 
its consumers of the environmental 
impact of their plates and encourages 
them to change their eating habits by 
offering sustainable recipes and tasty 
plant-based 
dishes. 
Thus, 
Sodexo 
intends to increase low-carbon options 
in 
its 
menus 
by 
ensuring 
that 
ingredients 
are 
sourced 
from 
best 
agricultural practices. 
FIGHT AGAINST WASTE 
Fighting food waste is a key lever to 
reduce the climate impact. On the sites 
where the Group has deployed its 
WasteWatch program, food waste was 
reduced by more than 40% on average. 
Sodexo 
commits 
to 
taking 
the 
deployment of WasteWatch to 85% of 
its food service sites by 2025 (based on 
raw 
material 
cost), 
with 
greater 
acceleration as well as employee and 
consumer engagement, to achieve a 
50% reduction global target by 2025. 
Beyond this program, Sodexo acts at all 
stages of its value chain to minimize its 
impact. The Group acts, for example, 
through training and awareness-raising 
for 
its 
teams 
and 
consumers, 
partnerships 
with 
local 
players 
committed to the circular economy, 
waste recovery or recycling. 
To act on a global scale, Sodexo 
continues its efforts as a founding 
member 
of 
the 
International 
Food 
Waste Coalition (IFWC) and its leaders 
also participate in the Champions 12.3 
coalition.
DIVERSITY, EQUITY 
AND INCLUSION: 
A DAILY COMMITMENT
Sodexo is committed to supporting and 
promoting 
diversity 
and 
equal 
opportunity, as well as developing an 
inclusive 
workplace 
culture 
in 
all 
countries where it operates. A pioneer 
and recognized leader in the field, 
Sodexo strives to ensure the conditions 
for the well-being and fulfilment of its 
employees 
and 
valuing 
empathy, 
respect 
and 
mutual 
support. 
The 
company 
maintains 
loyalty 
and 
transparency as essential conditions of 
its relations with its clients, partners 
and 
communities. 
Its 
approach 
to 
diversity, equity and inclusion is for 
Sodexo 
an 
essential 
driver 
of 
performance, 
attractiveness 
and 
employee 
engagement, 
and 
a 
differentiating 
factor 
for 
clients, 
consumers, suppliers and investors.
Sodexo's strategy in this area is based 
on five dimensions: promotion of gender 
equality, commitment to inclusion and 
against 
cultural, 
ethnic 
or 
origin 
discrimination, equal opportunities for 
people with disabilities, respect for all 
sexual orientations and gender identities 
and consideration of intergenerational 
differences.
For more information, see chapter 2 of the Universal Registration Document and www.sodexo.com
STRATEGY AND PERFORMANCE
SODEXO  —  FISCAL 2022 INTEGRATED REPORT
33

Commercial performance 
and recognitions
Fiscal 2022 was marked by the wins, retentions and extensions of numerous contracts, which reflect the 
trust placed in us by our clients, and by numerous recognitions of the commitment of Sodexo teams to a 
sustainable future.
HEALTHCARE & SENIORS
CORPORATE SERVICES
In the United States, Sodexo strengthened 
and expanded its partnership 
with University Hospitals, a major 
healthcare client in northern Ohio 
with 23 hospitals, more than 50 health 
centers and more than 200 medical 
practices. Sodexo provides patient 
food solutions and a retail offer 
to all residents and staff, as well as 
the management of healthcare 
facilities and technologies. Over the 
past six years, Sodexo has saved 
University Hospitals nearly 65 million 
dollars, contributing to their 
competitiveness.
In Singapore, LinkedIn appointed 
Sodexo to implement a new bespoke 
dining concept, integrated thanks 
to the value proposition of Vital Spaces. 
This includes on-site meal delivery from
an off-site micro-kitchen and a meal 
program and work environment 
management based on data analysis. 
With this new contract, deployed 
for the first time in Asia-Pacific, Sodexo 
continues its development in the 
region by strengthening its presence 
in the technology and media sector.
EDUCATION
In the United States, the South Dakota 
Board of Regents, responsible for 
managing the public higher education 
system in the State of South Dakota, 
chose Sodexo to provide Foodservices for 
six public universities and two primary 
schools serving special K-12 
populations. This contract, for an initial 
period of five years, introduces new 
innovative programming on site, 
transforming the campus dining 
experience.
And also:
And also:
And also:
• In France, Sodexo, official partner of 
Disneyland Paris, now serves nearly 
2.5 million meals a year to its employees, at  
21 points of sale. The dining service is available 
22 hours a day, 365 days a year and employs 
280 Sodexo employees.
• Over the next four years, Sodexo will provide 
Foodservices for the 30,000 employees of HR 
Rail, SNCB and Infrabel, three entities that 
represent one of Belgium's largest employers. 
Sodexo operates 13 restaurants and three 
sandwich bars in the country.
• Employees of five Bytedance sites in China, 
a long-standing client of Sodexo in terms of 
Facilities Management services, now benefit 
from a full food offer (breakfast, lunch and 
dinner) thanks to the recent acquisition of a 
localized central production unit.
• In France, the partnership forged with 
Campus Cyber allows Sodexo to make its 
expertise in food and concierge services 
available to the 2,000 occupants of the 
campus, while being a player in the project 
partaking in exchange, innovation and progress 
to face of cybersecurity challenges.
• Since May 3, 2022, Sodexo has provided 
patients at the new Nuffield Health facility at 
St Bartholomew's Hospital in London (United 
Kingdom) with menus featuring locally sourced 
products, and hospitality and staff dining.
• More than 170 Sodexo employees provide 
food and housekeeping services to Seniors in 
the Catholic Health Services community in 
Florida (USA) for five years.
• The Swedish province of Östergötland has 
renewed its partnership with Sodexo to provide 
Food and Facilities Management services at 
Vrinnevi Hospital in Norrköping as well as in 
more than 30 general and dental care centers.
• In Brazil, the United Healthcare group, one 
of the main healthcare players in the country, 
has also renewed its trust in Sodexo teams to 
take charge of the management of the 
facilities, maintenance and cleaning of its 
32 sites.
• Since the fall of 2022, students and staff 
at the Eastern Nazarene College campus 
in Massachusetts have benefited from an 
innovative food and facilities management 
program, with redesigned spaces and new 
services adapted to everyone's nutritional 
and service needs. 
• For 15 years, Sodexo will offer students at 
Austin Peay State University in Tennessee 
a premium dining offer, featuring local 
products and including a new take-out offer 
for students, professors and staff. 
• At the Colorado School of Mines, Sodexo 
will continue the relationship of trust 
established in 2011 to provide students and 
staff with a full range of constantly evolving 
Foodservices while capitalizing on operational 
excellence.
• In the United Kingdom, the seven-year 
renewal of the contract initiated in 2007 with 
Abingdon School in Oxfordshire provides for 
the deployment of a new nutritional program 
and the creation of a new dining area for its 
1,250 students.
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SODEXO  —  FISCAL 2022 INTEGRATED REPORT

SODEXO LIVE!
Official Supporter of the Paris 2024 
Olympic and Paralympic Games, 
Sodexo Live! has been entrusted with 
the Foodservices of the Athletes' Village 
as well as dining solutions for the 
general public at around fifteen 
competition sites. For five weeks, 
Sodexo Live! will put its know-how at 
the service of nearly 15,000 athletes 
with the aim of offering them 
a memorable experience through 
inventive and fine cuisine, adapted to 
the requirements of high-level sport, 
and contributing to the environmental 
ambition of this event, aligned with 
Sodexo's vision and values.
And also: 
• In the United States, Sodexo Live! renews 
a multi-year contract for Foodservices at 
major events at the Norton Healthcare 
Sports & Learning Center, the premier 
athletic center in the Louisville area.
• Also in the United States, Sodexo Live!, 
whose contract with the Seattle Mariners 
at T-Mobile Park has been extended, 
will continue to provide Foodservices 
for all events at the site, including the home 
games, and the multiple concerts 
and events that take place there.
• Sodexo Live! has been awarded two airport 
lounge contracts in North America. 
American Airlines and British Airways 
are co-locating their services in a brand new 
state-of-the-art space in JFK Airport, 
housing three premium lounges specifically 
dedicated to transatlantic and coast to coast 
passengers. The British Airways contract in 
North America covers eight lounges across 
major cities with business and first class 
dining and the creation of a specialist 
beverage program.
• Sodexo Live! and its partners became the 
exclusive approved agencies of the French 
Tennis Federation for the hospitality 
programs of the Roland-Garros tournament 
and the Rolex Paris Masters for the 2023 
to 2026 editions.
BENEFITS & REWARDS 
SERVICES
Since January 2022, the 
18,500 employees of Post AG, the 
Austrian leader in logistics and postal 
services, have benefited from a brand 
new Meal Pass experience with a highly 
secure digital solution adapted to 
different working arrangements. Usable 
with 8,000 merchants and partner 
restaurants across the country, 
it enables smartphone purchases 
and offers many services, information 
and advantages adapted to each user.
And also:
• In Europe, with a two-year contract 
to supply meal cards and digital solutions 
to 85,000 consumers, the Union des Caisses 
Nationales de Sécurité Sociale (UCANSS) 
has become one of the main French clients 
for Benefits & Rewards Services digital 
solutions. 
• Backed by the Group's technological 
expertise and capacity for innovation, 
Sodexo's teams also responded to offer 
Amazon in Israel a 100% digital meal 
solution, usable by 1,200 employees spread 
over three sites.
• In Brazil, the renewal of the contract with 
Vivo, a local brand of the Telefonica group 
and client since 2015, allows 
32,000 beneficiaries to continue to benefit 
from Sodexo food, meal and fuel solutions. 
• The Austrian Ministry of Climate Protection 
has selected Sodexo Benefits & Rewards 
Services in collaboration with the Austrian 
Post to assist with the implementation 
and distribution of a climate bonus for all 
Austrians. Approximately nine million people 
will receive the Klimabonus, including 
1.2 million people via Sodexo vouchers, 
helping them to cover rising energy costs 
following the introduction of a carbon tax.
CORPORATE RESPONSIBILITY 
AWARDS 
Find here a selection of the awards 
and recognitions obtained by Sodexo 
teams.
• For the 17th consecutive year, Sodexo 
ranked among the leaders of the S&P 
Global Dow Jones Sustainability Work 
Index (DJSI) with 75 out of 100, the 
highest score in the Foodservice & 
Leisure sector. Sodexo maintained its 
lead in the Environment category and 
its leadership in social matters, 
obtaining the best scores in the area 
of respect for human rights and local 
impact.
• Named a member of the DiversityInc 
Hall of Fame company in May 2022, 
Sodexo is recognized as one of the 
leaders in diversity by DiversityInc.
for the 14th year.
• In 2022, for the 15th consecutive year, 
Sodexo obtained a Gold Class Global 
Award from S&P for its performance 
in terms of sustainable development, 
once again ranking among the best 
performing companies in its sector 
in terms of sustainability.
• Sodexo ranked first in the Foodservice 
sector and 30th in the global ranking of 
the WBA Food and Agriculture 
benchmark, the main benchmark 
in the food and agriculture sector, 
which evaluates the 350 most 
influential companies in the world 
in the sector based on their 
environmental, nutritional and social 
impact.
• Sodexo has, for the 15th consecutive 
year, a score of 100 in the annual 
evaluation of the Human Rights 
Campaign Foundation, the foremost 
benchmarking survey of LGBTQ+ 
workplace equality.
• In 2021, Sodexo was recognized 
as a Leading Disability Employer by 
the National Organization on Disability 
(NOD). This award recognizes Sodexo's 
commitment in the United States and 
its dedication to the integration and 
promotion of people with disabilities.
• In the United Kingdom, Sodexo has 
been named one of the top 100 
employers for apprenticeships 
in the prestigious UK Department 
for Education list.
• The Group's commitment to adopting 
plant-based proteins, its initiatives 
to increase the share of plant-based 
menus in its offer and its approach 
to evaluating carbon emissions linked 
to its supply chain have enabled Sodexo 
in the United States to obtain an “A” 
rating for its protein sustainability 
issued by the Humane Society.
To follow Sodexo news, visit www.sodexo.com
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35

Financial performance
              “All our activities have delivered a strong performance in revenues growth
                 and margin improvement, despite the inflationary backdrop. Net new business
               is strong, and retention is at an all-time high. Our balance sheet has also
     strengthened significantly, with financial KPIs all back in line with targets. We expect 
that activity will return to Fiscal 2019 levels in Fiscal 2023. We are confident that for 
Fiscal 2023, we can achieve +8 to +10% organic growth and a margin close to 5.5%.”
MARC ROLLAND
Group Chief
Financial Officer
EVOLUTION OF CONSOLIDATED REVENUES
AND ORGANIC GROWTH
ON-SITE SERVICES REVENUES
BY ACTIVITY AND CLIENT SEGMENT
*Including Personal & Home Services.
ON-SITE SERVICES REVENUES
BY GEOGRAPHIC ZONE
BENEFITS & REWARDS SERVICES
REVENUES BY REGION
500,000
clients
36 million
beneficiaries
and consumers
1.7 million
affiliated
merchants
STRATEGY AND PERFORMANCE
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SODEXO  —  FISCAL 2022 INTEGRATED REPORT

UNDERLYING OPERATING PROFIT BEFORE CORPORATE
EXPENSES & INTRAGROUP ELIMINATION
BY ACTIVITY AND CLIENT SEGMENT
SHAREHOLDERS
AS OF AUGUST 31, 2022
UNDERLYING OPERATING PROFIT
AND OPERATING MARGIN
Source: Nasdaq
*  Including shares resulting from restricted share plans held in 
registered form by employees and still subject to a lock-up period.
** Number of shares held not updated since July 22, 2022.
SODEXO SHARE
DATA SHEET
•
Main listing place: Euronext Paris - A Compartment
•
ISIN code: FR0000121220
•
Mnemonic code: SW
•
Main index : CAC Next 20, SBF 120, CAC 40 ESG, 
Euronext 100, CAC All Share, FTSE4Good
•
Euronext listing date: March 2, 1983
NET DEBT AS A PERCENTAGE
OF SHAREHOLDERS’ EQUITY*
KEY INDICATORS
OF FISCAL 2022
AS OF AUGUST 31, 2022
•
Total number of shares: 147,454,887 shares
•
Closing price: 76.44 euros
•
Market capitalization: 11.3 billion euros
•
Sodexo share price trend during Fiscal 2022: +9.2%
•
CAC 40 trend during Fiscal 2022: -7.8%
•
Underlying earnings per share: 4.78 euros
•
Dividend per share: 2.40 euros*
•
Number of interactions/shareholder meetings:    
228 meetings, 236 companies, 594 contacts
*  Debt net of cash and cash equivalents, restricted cash and financial 
assets related to Benefits & Rewards Services activity, less bank 
overdrafts
** Free cashflow/Net profit.
*  Submitted for approval at the Shareholders Meeting 
of December 19, 2022
STRATEGY AND PERFORMANCE
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37

Non-financial performance
Everywhere, Sodexo teams are fully mobilized to ensure the health and safety of all and pursue the 
corporate responsibility roadmap to contribute to a better future. Adapted to the challenges of today and 
tomorrow, Better Tomorrow 2025 comprises nine commitments. It drives the deployment of our corporate 
responsibility actions and measures their impact in the countries where we operate. In 2022, the teams 
fully supported the gradual resumption of activities on client sites and worked to achieve our objectives, 
notably in terms of natural resources preservation and inclusive and sustainable practices.
Disclosure and transparency
Sodexo is convinced that clear, comparable and accessible information on its financial and non-financial performance 
enables all of its stakeholders to make informed decisions. Since Sodexo’s creation, its financial, social and environmental 
performance has been publicly disclosed in the Universal Registration Document. To ensure transparency, the information 
and indicators have been audited by an independent third party for each of the past ten years.
IMPROVE THE QUALITY OF LIFE
OF OUR EMPLOYEES, SAFELY
ENSURE A DIVERSE WORKFORCE AND INCLUSIVE
CULTURE THAT REFLECTS AND ENRICHES
THE COMMUNITIES WE SERVE
Evolution of workforce by geographic area
Workforce by gender and by category
(as of August 31, 2022)
 
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FOSTER A CULTURE OF ENVIRONMENTAL
RESPONSIBILITY WITHIN OUR WORKFORCE
AND WORKSPACES
ACT SUSTAINABLY
FOR A HUNGER-FREE WORLD
DRIVE DIVERSITY AND INCLUSION
AS A CATALYST FOR SOCIETAL CHANGE
PROVIDE AND ENCOURAGE
OUR CONSUMERS TO ACCESS HEALTHY
LIFESTYLE CHOICES
CHAMPION SUSTAINABLE
RESOURCE USAGE
PROMOTE LOCAL DEVELOPMENT AND FAIR,
INCLUSIVE AND SUSTAINABLE
BUSINESS PRACTICES
Acting responsibly is at the heart of our mission 
and everything we do every day. Recognized for its 
commitments, Sodexo encourages its teams to 
make 
progress 
in 
reducing 
our 
impact 
on 
ecosystems.
Sodexo is a member of the ESG 80, FTSE4Good, 
CAC 40 ESG indices of Euronext and the Dow Jones 
Sustainability Index for which it is, for the 
17th consecutive year, one of the leaders in its 
sector. The Group is also ranked among the best 
companies in its sector in the SAM Sustainability 
Yearbook for the 15th consecutive year and in the 
DiversityInc ranking in favor of its LGBTIQ+ 
employees, for the recruitment of women of color 
and for its senior executives. Sodexo was ranked in 
the top 1% of companies in the Ecovadis analysis. 
Sodexo was awarded Supplier Engagement Leader 
by CDP, placing us in the 8% top companies taking 
action to measure and reduce environmental risks 
within its supply chain.
SOURCE RESPONSIBLY
AND PROVIDE MANAGEMENT SERVICES
THAT REDUCE CARBON EMISSIONS
STRATEGY AND PERFORMANCE
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Impact
40
SODEXO  —  FISCAL 2022 INTEGRATED REPORT

Our 
purpose 
in action
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41

We add 
value to 
the day-to-day 
essentials
The “little” things of daily life 
are essential to our well-being 
and satisfaction. We give these things 
the attention they deserve 
and do everything in our power 
to improve quality of life for everyone, 
at all times. 
# Transforming workspaces 
By rethinking everyday 
work
Companies and their employees expect 
flexible and engaging workspaces, as well as 
professional benefits that promote well-being 
and productivity. 
With Vital Spaces, Sodexo improves employee 
experience and engagement by supporting the 
transformation of workplaces and placing the 
individual at the heart of activities. Backed by 
its range of expert and innovative brands, the 
Group offers its clients and consumers multi-
channel, flexible and quality dining experiences 
and attractive, safe and inclusive workspace 
design services.
    
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# Best food, anywhere, anytime
By offering food choice and quality
Helping everyone eat better, anywhere, anytime is Sodexo’s commitment to its 
clients and consumers. Whether on site, via click & collect or by delivery, 
Sodexo’s food offering is driven by the culinary talent and expertise of its 
teams, the complementarity of its offerings, the diversity among its partners 
and its digital innovation. Each consumer can thus enjoy a healthy and 
delicious meal in line with their food choices, desires and lifestyle, whether at 
work, school, the hospital, a stadium or elsewhere. 
In North America for example, the Group acquired Foodee, the leading corporate 
meal delivery foodtech startup, as well as Nourish.Inc and its off-site 
production unit and developed the brand The Good Eating Company. The Group 
also announced a 10-year partnership with For Five, a premium coffee and 
Foodservices offering.
    
# Preventing infections at hospitals 
By caring for patients 
at healthcare facilities
Adjustable and customizable at each facility, 
our services are essential in the care continuum 
by focusing on the human approach, patients and 
healthcare professionals alike. Our products are based 
on technology and data that allow greater efficiency 
and compliance with applicable protocol tools.
For example, to reduce the rate of nosocomial 
infections at its partner hospitals, Sodexo created 
Protecta®, a radically innovative and integrated risk 
prevention and management approach that offers 
a unique combination of cleaning and disinfection 
products, processes, training programs and computer 
applications. Data analyses conducted after 
the launch of this approach revealed a 40% decrease 
in the incidence of healthcare-related infections 
at the 67 participating American hospitals. In 2021, 
Sodexo further strengthened the quality of its services 
by entering into an extended partnership with Ecolab 
Inc., which offers hydrogen peroxide vapor 
technology solutions.
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# Gift experience
By continuing to improve benefits 
aimed at making life easier 
for employees and companies
Thanks to the majority stake it took in French startup 
Wedoogift, which became Glady in 2022, Sodexo now offers 
a comprehensive and unique digital gift experience 
to companies, corporate work councils, public authorities 
and employees.
Glady grouped all of the solutions and benefits together 
on a single platform and developed a personalized, 
transparent and easy-to-use app to make life even easier 
for employees and companies and to improve the customer 
experience. Sodexo Benefits & Rewards offers the most 
extensive and innovative offer on the French market, 
in paper, card or electronic version, for nearly 50,000 clients 
and five million employees.
# Schools France
By committing to the quality 
of school meals 
With 770,000 meals served at schools every day in France, Sodexo 
is fully committed to providing access to healthy, premium quality, 
sustainable food at an affordable price, because schools are also 
a place where students learn about nutrition and socializing.
An exclusive study* conducted in 2021 showed that school restaurants 
have evolved to match more closely than ever families’ expectations. 
Some 63% of the parents surveyed felt that meals served in schools 
had improved over the past 10 years. This positive perception was made 
possible by the food offerings available at school. Over two-thirds 
of the parents felt that their children either had a more balanced diet 
at school than at home or that the two were equivalent. This recognition 
of the nutritional quality offered is especially striking given the very 
high standards of French parents when it comes to school meals.
This is an accomplishment to be proud of for Sodexo and its teams. 
This also solidifies our responsibility for continually upgrading our 
school food fare to increase its accessibility, quality and sustainability 
while providing well-being and delicious taste through our meals.
    
*“The French and school canteens” Elabe study for Sodexo, carried out from June 24 to 29, 2021 with two samples: 
a sample of 1,002 people representative of the French population aged 18 and over, drawn up according to the quota 
method, with regard to the criteria of sex, age, socio-professional category, urban area category and region 
of residence; an oversample of 500 parents for a total of 770 parents surveyed, with at least one child dining at least 
once a week in the school restaurant.
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# Live experiences 
By helping create 
unforgettable emotions
An evening at the stadium to watch a game with friends, 
a seminar with colleagues or a family outing to a museum 
are all opportunities to have fun and create lasting memories. 
With the unique expertise it has acquired around the world over 
the past 20 years, Sodexo Live! is able to offer its clients 
its collection of exclusive brands, its leadership in the area 
of hospitality and its culinary excellence to create customized 
offerings and elevate venues and events. 
Sodexo Live! contributes to the success of prestigious events 
such as Royal Ascot, the Super Bowl, the Tour de France, Roland 
Garros, the Rugby World Cup and the upcoming 2024 Olympic 
and Paralympic Games in Paris and shines a light on exceptional 
venues including the restaurants of the Eiffel Tower, the Hard 
Rock Stadium and the boats and yachts of the River Seine as 
well as the National Gallery in Washington, the Prado Museum 
in Madrid and Hollywood Bowl in Los Angeles.
    
# Public Benefits
By facilitating 
the roll-out of social 
programs
With its trust-based relationships and the 
innovative solutions it offers, Sodexo is proud 
to support public programs benefiting over 
12 million users in nineteen countries around 
the world.  
Whether supporting refugee student 
populations in Turkey with the Eduser program 
or in Belgium where Sodexo manages service 
vouchers, an offer that is now 100% focused 
on the digital experience, our services help 
improve quality of life for users day in 
and day out.
More than 12 million 
beneficiaries of public programs around the world 
supported by Sodexo Benefits & Rewards Services
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We anticipate 
needs and expectations 
to provide optimal care
Because we believe that serving our clients properly                                               
means being able to anticipate their needs 
and expectations, we pay special attention to them 
and work with them, their communities and ecosystems 
to build strong relationships that make us their trusted 
partner for a better daily experience.
# Healthcare partner
By supporting the transformation 
of healthcare models and patient 
needs
Sodexo supports health facilities to meet their changing needs 
and those of their patients with a range of integrated services 
and special expertise in the engineering of equipment 
and healthcare infrastructures. In 2022, for example, Sodexo 
rolled out more widely the Sodexo Nutrition and Wellness Center, 
a remote nutritional consultation solution that provides nutrition 
and dietetics clinical support to patients across the United States. 
The Group is also continuing its efforts to increase safety 
by managing infection risks, offering innovative solutions 
like the robot Chloe, a new recruit at the Stoke Mandeville Hospital 
(Buckinghamshire Healthcare NHS Trust) in the United Kingdom, 
which ensures floor disinfection while entertaining young patients 
for a more pleasant hospital experience.  
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# Innovation culture
By collaborating with innovative players 
in the industry  
To support its transformation, Sodexo is developing a solid open-innovation 
ecosystem both internally and externally. The Group continues to 
collaborate with incubators, universities, corporations and startups to 
source new ideas and boost digital and data capabilities. From growing 
internal startups to expanding the network of startup partnerships through 
the Sodexo Accelerators program, the Group aims to provide agility, 
expertise and market access to innovative solutions. In particular, over the 
last year, there have been four new programs launched across Brazil, China, 
the United Kingdom & Ireland and most recently in the United States with 
the Sodexo Live! program. Sodexo Accelerators reaches out to startups 
across the world to welcome collaboration and make innovation thrive 
in key business areas such as smart buildings, employee and consumer 
experience, operational optimization and sustainability. Those startups and 
scaleups that are chosen to join the program receive the support and close 
connection with Sodexo teams to test their solution in the services provided 
to Sodexo’s clients and consumers, which makes it possible to stimulate 
technological innovations in direct contact with the market. 
# Campus innovation
By being at the cutting edge 
of digital innovation to best 
serve students
At university campuses in the United States, the Group is 
reinventing Foodservice options by offering AI-powered 
autonomous grocery store Eat