2017Fiscal 2017 Full year Results November 16, 2017 FORWARD-LOOKING INFORMATION This presentation contains statements that may be considered as forward-looking statements and as such may not relate strictly to historical or current facts. These statements represent management’s views as of the date they are made and Sodexo assumes no obligation to update them. Figures have been prepared in thousands of euro and published in millions of euro. Alternative Performance Measures: please refer to Appendix 8 for definitions (from slide 60 to 63). 2 November 16, 2017 - Sodexo Full Year 2017 Results AGENDA 1. Fiscal 2017 Full year highlights 2. Solid Financial Performance 3. Review of Operations: › On-site Services › Benefits & Rewards Services 4. Introducing Underlying operating profit 5. Outlook Appendices 3 November 16, 2017 - Sodexo Full Year 2017 Results FISCAL 2017 HIGHLIGHTS KEY MESSAGES ON GROWTH Fiscal 2017 highlights ORGANIC GROWTH IMPROVED Q4 BENEFITS & REWARDS in line with revised growth ORGANIC GROWTH SERVICES guidance1* +1.9% +6.8% +7.7% including 53rd week boost strong organic growth ▪ Q4 acceleration in organic growth ▪ Headwinds disappearing: • Q1 +0.8% excluding Rugby comparative base › E&R continued improvement: • Q2 +1.7% • Q1 -4.5% • Q3 +1.5% • Q2 -0.8% • Q4 +3.6%, excluding 53rd week • Q3 +4.3% • Q4 +5.0%, excluding 53rd week › French tourism recovery in high season › France positive trend 5 November 16, 2017 - Sodexo Full Year 2017 Results 1 Guidance on revenue organic growth changed in July 2017 to +1.5% To +2% vs around +2.5% previously * Please refer to Appendix 8 for Alternative Performance Measures definitions KEY MESSAGES ON PERFORMANCE Fiscal 2017 highlights Solid operating performance: Strong Operating profit1 Operating profit margin1 Net profit growth growth increased before non recurring items* +10.2% +8.4% +50BPS +40 BPS +14.0% +13.0% TOTAL EXCLUDING TOTAL EXCLUDING TOTAL EXCLUDING GROWTH CURRENCY* GROWTH CURRENCY* GROWTH CURRENCY* Increased Adaptation & Simplification Basic EPS Acquisitions/ Participations Program on track before non recurring items* €306m spent 2 €150m savings in FY2017 5.52€ +15.7% +14.7% 0.7% €220m for FY 2018 TOTAL EXCLUDING gross contribution to revenues GROWTH CURRENCY* 1 Before exceptional expenses, see Alternative Performance Measures 2 Net acquisitions €268m + net financial investments of €38m 6 November 16, 2017 - Sodexo Full Year 2017 Results * Please refer to Appendix 8 for Alternative Performance Measures definitions GROWTH INDICATORS ONSITE SERVICES Fiscal 2017 highlights Client retention Comparable Business unit growth development 93.1% 93.5% 7.2% 6.5% Excluding 53rd week 2.1% 1.5% Fiscal 2016 Fiscal 2017 Fiscal 2016 Fiscal 2017 Fiscal 2016 Fiscal 2017 7 November 16, 2017 - Sodexo Full Year 2017 Results CONTRACT WINS Fiscal 2017 highlights Department of Compañia Minera Campbell Momentum Work & Pensions Lomas Bayas (DWP) Corporate contract in Facilities Energy & Resources in Noram Management Government contract Agencies contract in Chile contracts in the UK Johnson & Johnson Bangkok Hospital Chicago Public Comparable Phuket Schools Corporate contract in 42 countries Schools Contract unit growth Health Care contract in the US in Thailand 8 November 16, 2017 - Sodexo Full Year 2017 Results CONTRACT WINS Fiscal 2017 highlights Michelin Hospital Beneficiência Google Pick up Portuguesa Corporate contract Corporate contract in India in food in France Health Care contract in Brazil Servicios de Agua STIP-MIVB Pague Menos Development de Monterrey Meal cards Food & Meal cards Meal cards in Belgium in Benefits in Brazil & Rewards in Mexico Services 9 November 16, 2017 - Sodexo Full Year 2017 Results CONTRACT RENEWALS Fiscal 2017 highlights Airbus United Services Automobile Prisons Région Nord Association (USAA) Corporate contract Justice contract in France Corporate contract in France in the US Van Oord Aberdeen Football Club JUNAEB Energy & Resources contract Sports & Leisure contract Public Benefits service worldwide in the UK in Chile 10 November 16, 2017 - Sodexo Full Year 2017 Results RECOGNITION Fiscal 2017 highlights Sodexo scores Sodexo is now a For the 7th year in a row, Sodexo named the top highest marks of the constituent of the Sodexo is among the rated company in its sector in RobecoSAM’s FTSE4Good Index FORTUNE World’s Most sector on the Dow Jones “Sustainability Admired Companies, Sustainability Index Yearbook” 2017 for and was recently ranked (DJSI) for the 10th consecutive year Fortune’s 2017 list of 13th consecutive year companies that are changing the world 11 November 16, 2017 - Sodexo Full Year 2017 Results CORPORATE COMMITMENT Better Tomorrow 2025 The roadmap has evolved in alignment with the UN sustainable development goals to advance and reinforce our responsible behavior Contributing to eradicate Supporting Fighting against WORLD HUNGER WOMEN’S EMPOWERMENT WASTE In 2016, through Stop Hunger, Sodexo’s Partner Inclusion Created “WasteWatch powered by 113,000 volunteers Program drives diversity among LeanPath”, a global food waste distributed suppliers and merchants prevention program 5.7 millions meals N°4 in Equileap worldwide gender equality ranking Founding member United Nations of the International WEPs signed in Food Waste Coalition 24 countries 12 November 16, 2017 - Sodexo Full Year 2017 Results RESEARCH AND THOUGHT LEADERSHIP Fiscal 2017 highlights The Quality of Life Conference exploring new solutions for tomorrow’s needs Sodexo decoded Gen Z In collaboration with the University of with Global Lifestyle Survey Ottawa, Sodexo released a study to of University Students deepen our understanding of the five senses from seniors perspectives 13 November 16, 2017 - Sodexo Full Year 2017 Results M&A ACCELERATING Fiscal 2017 Highlights Enriching offer in the USA in the UK in the UK in the UK Strategic move in Belgium in Poland in the USA Technical Expertise in Israel in Puerto Rico In Singapore Consolidating positions in the USA in China in the UK in Australia Net investments: €650m committed €306m in Fiscal 20171 since year end 1 Net acquisitions €268m + net financial investments €38m, including Sodexo Ventures 14 November 16, 2017 - Sodexo Full Year 2017 Results CENTERPLATE A leading event hospitality provider for North America and the UK COMPANY OVERVIEW A WELL DIVERSIFIED PORTFOLIO¹ ▪ Food and beverage service provider Convention Centers 8% ▪ 40,000 events and 100m guests annually 32% Sports ▪ c.250 venues, in North America, 22% the UK and Spain North America 92% Entertainment ▪ 4th largest operator by revenues in the US Sports & Leisure market 38% UK ▪ 3 business lines: ¹ 2016 revenue breakdown • Convention Centers RECOGNISED EXPERTISE – SELECTED AWARDS • Sports • Entertainment “Best Food and Beverage” #1 NFL Experience ▪ c.30,000 employees 5 Years Running, Convene Magazine Stadium Journey “America’s Best Stadium Food” ▪ 12-months revenues to June 2017: $998 million Travel + Leisure Magazine 15 November 16, 2017 - Sodexo Full Year 2017 Results CENTERPLATE + SODEXO SPORTS & LEISURE TRANSFORMED NORTH AMERICA STRENGTHENED S&L Doubling S&L revenues From 472 to Sodexo S&L Sodexo S&L revenues Current revenues plus Centerplate B&A 700+ Healthcare Healthcare sites operated B&A Business mix Education Education Airline Conference lounges & Convention 12% Centres From 12,500 to 122,500 150,000+ 21% employees employees Sports 40,000+ 28% employees Cultural destinations 39% 16 November 16, 2017 - Sodexo Full Year 2017 Results CENTERPLATE CONTRIBUTION TO SODEXO FINANCIALS A leading event hospitality provider for North America and the UK P&L BALANCE SHEET ▪ 8 months contribution to revenues (~€500 million) ▪ Consideration = $675m ▪ Brings contribution of external growth to date for ▪ Brings total Sodexo commitments since YE=~€650m Fiscal 2018 = 2.5% ▪ Doubles Sodexo net debt => net debt ratio including ▪ Before synergies, slight dilution to margins in Fiscal commitments at Fiscal 2017 year end = 0.8 2018 ▪ With synergies, margins will be in line with Group North American margins ▪ Mild Net profit accretion from Fiscal 2018 CASHFLOW VALUATION RATIOS ▪ Strong cash generating business, ▪ EV/revenues = 0.7x with significant retail operations ▪ EV/pro forma EBIT post synergies = 9-10x ▪ Expected capex / sales ~3% 17 November 16, 2017 - Sodexo Full Year 2017 Results SOLID FINANCIAL PERFORMANCE ORGANIC GROWTH Solid financial performance REVENUE GROWTH +2.2% Currency effect Scope changes -0.1% +0.4% ORGANIC GROWTH +1.9% of which: On-site Services Benefits and Rewards Services +1.7% +7.7% Rugby 53rd week Excluding both, Impact effect organic growth -0.6% +0.7% +1.6% 19 November 16, 2017 - Sodexo Full Year 2017 Results STRONG IMPROVEMENT IN OPERATING PROFIT Solid financial performance +50 bps +40 bps TOTAL GROWTH EXCLUDING 6.4% At current exchange rates CURRENCY EFFECT Operating margin 5.9% Before exceptional expenses1 1,326 1,203 +10.2% +8.4% € millions TOTAL EXCLUDING GROWTH CURRENCY Operating profit EFFECT * Before exceptional expenses1 FY 2016 FY 2017 1 Costs of implementation of the Adaptation and Simplification program (€137m in Fiscal 2017 and €108m in FY 2016) 20 November 16, 2017 - Sodexo Full Year 2017 Results * Please refer to Appendix 8 for Alternative Performance Measures definitions ADAPTATION PROGRAM DELIVERING ON TRACK Solid financial performance OBJECTIVES ▪ Faster alignment of on-site operating expenses Success of the program: multitude of cost reduction projects submitted by the teams ▪ Organizational simplification Generate annual savings for Fiscal