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Registered number: 08146193 SODEXO GLOBAL SERVICES UK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
SODEXO GLOBAL SERVICES UK LIMITED COMPANY INFORMATION
Directors | Amolak Dhariwal (appointed 1 January 2025)
| Sean Haley (resigned 31 December 2024)
| Angelo Piccirillo (resigned 27 July 2026)
| Jean Renton
| Sunil Nayak (resigned 31 March 2026)
| Martin Boden (appointed 16 March 2026)
Company secretary | Catherine Michele Marthe Marie Ford
Registered number | 08146193
Registered office | One Southampton Row
| London
| WC1B 5HA
Independent auditor | KPMG LLP, Statutory Auditor
| Chartered Accountants
| 1 St Peter's Square
| Manchester
| M2 3AE
SODEXO GLOBAL SERVICES UK LIMITED CONTENTS
| Page
Strategic Report | 1 - 10
Directors' Report | 11 - 12
Directors' Responsibilities Statement | 13
Independent Auditor's Report to the members of Sodexo Global Services UK Limited | 14 - 17
Statement of Comprehensive Income | 18
Statement of Financial Position | 19
Statement of Changes in Equity | 20
Notes to the Financial Statements | 21 - 39
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The directors present their strategic report, directors' report and the audited financial statements for the year ended 31 August 2025.
Principal activity
Sodexo Global Services UK Limited (the company) was created within the Sodexo Group to deliver advisory services and assistance in all areas of administration, management, governance, senior leadership and business development. Future prospects are thus related to those of the Sodexo Group, which are favourable. Its ultimate parent is Sodexo S.A., a French company listed on the Paris Euronext. Sodexo operates in 43 countries, employing over 425,000 people in the provision of a wide range of food services, soft services and technical services.
Performance of the business
As shown in the Company’s Statement of Comprehensive Income on page 18, sales have decreased to £62,430,000 (2024: £75,359,000) and operating profit has decreased to £24,174,000 (2024: £30,538,000). The key drivers for the reduction in sales is due to a reduction in Broker fee income (see principle risks and uncertainties) and management fee income from Sodexo S.A.
Principal risks and uncertainties
The key risks and uncertainties facing the future of the Company is in Broker fee income which is derived from global contracts with vendors based on volumes and spend across Sodexo entities. The renewal and the negotiation of the Broker fee contracts with vendors can be a source of uncertainity with the average duration of the contracts between two and three years. However, after a phase of contracting model change in FY24, we expect the number of Broker fee contracts to remain overall stable in FY26 compared to FY25.
Financial key performance indicators
The Company's key performance indicators continue to be sales and operating profit. Sales have decreased by 17.1% to £62,430.00 Operating profit has decreased by 20.8% to £24,174,000 The decrease in operating profit has primarily been driven by a decline in year on year revenue streams. Page 1
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Streamlined Energy and Carbon Reporting (SECR) Greenhouse gas emissions, energy consumption and energy efficiency action
A breakdown of GHG reporting categories that are relevant to Sodexo Global Services UK Ltd and the associated business activities are included in the table below: GHG emissions are calculated using The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, which is internationally recognised as the benchmark for carbon accounting. Activity data is gathered at a suitable level of detail based on the specific GHG emission category. Physical measurements (such as litres, kilograms, units, or megawatt-hours) are preferred whenever available; monetary values are used only when physical data cannot be obtained. Emission factors are carefully chosen and updated annually from reputable databases, including: the UK Government GHG Conversion Factors for Company Reporting, ADEME Carbon Base (including Agribalyse), EcoInvent and the International Energy Agency. GHG emissions are then calculated by applying the appropriate emission factors to the corresponding activity data, at the relevant level of granularity. The emissions are expressed in carbon dioxide equivalent (CO2e). Extrapolation, where necessary, is applied when the available data does not cover the entire scope; the activity data or the emissions are extrapolated using appropriate allocation keys (e.g. revenue). For food and non-food volumes and energy consumption, data is collected from 1 September 2024 to 31 May 2025 and then extrapolated to the entire fiscal year. All GHG emissions are reported at the UK level and allocated to legal entities based on revenue. For the reporting year ending 31 August 2025, our GHG emissions data was verified to "limited assurance" across scopes 1,2 and 3. The table below shows Sodexo Global Services Limited’s GHG emissions for the year ending 31 August 2025; all energy use comes from operations within the UK. Page 2
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Scope 1, 2 and 3 Emissions Progress By FY25, Sodexo Global Services Ltd had cut its Scope 1, 2 and 3 GHG emissions by -75.3% compared to its 2017 baseline. This exceeded our short-term science-based target of a -34% reduction by 2025, largely thanks to switching our vehicle fleet to electric and increasing the use of renewable electricity. Scope 3 GHG emissions from fuel and energy-related activities and business travel also fell by -44.5% relative to 2017. Meanwhile, carbon intensity dropped by -72.0% for Scopes 1 & 2, and by -66.7% when including relevant Scope 3 categories—showing that the company was able to grow while reducing GHG emissions. Energy Efficiency Measures Sodexo has structured its environmental approach around three strategic pillars: responsible sourcing, sustainable eating, and on-site resource efficiency. The main lever for decarbonisation within Sodexo Global Services Ltd is around on-site resource efficiency: Page 3
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Onsite-resource Efficiency: In 2024, all electricity was procured from renewable sources under our global RE100 commitment. This objective has been met through partnerships with energy providers prioritising renewable supply, and, where direct sourcing is not feasible, by purchasing REGO (Renewable Energy Guarantees of Origin) certificates. The company continues its transition to hybrid and electric vehicles, achieving 48.5% hybrid or electric representation within the fleet and 98% for company cars by FY25. Additionally, Green Skills training on sustainable practices has engaged over 3,000 employees within Sodexo, with 89% of onsite management and 99% of senior leaders completing the programme in FY25. Page 4
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Directors' statement of compliance with duty to promote the success of the Company
“Directors should foster effective stakeholder relationships aligned to the Company´s purpose. The board is responsible for overseeing meaningful engagement with stakeholders, including the workforce, and having regard to their views when taking decisions.” As well as outlining how the Company has applied Principle 6 of the Wates Corporate Governance Principles, the Company describes in this section how the directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. In particular, the statement below outlines how the directors have acted in a way which is most likely to promote the success of the Company for the benefit of the members as a whole and in doing so having regard for stakeholders’ interests. The Board and the RLT are responsible for fostering effective relationships with all stakeholders, including clients, employees, suppliers, the UK Government, and the wider community. These relationships are central to the Company’s ability to deliver sustainable value and uphold its purpose. The Company considers the following to be its key stakeholders: Employees The Board recognises that, as an integrated facilities management service provider, its employees are key to the Company´s strength and success. The Board and the RLT is committed to ensuring: ∙Health & Safety The Company is committed to ensuring a safe and healthy working environment for all its employees, contractors and visitors. Through suitable and sufficient risk assessment and the creation of resulting safe systems of work, Sodexo provides employees with information, training and instructions to enable them to work safely and to protect the safety and health of those who may be affected by its activities. Compliance with legislative requirements underpins its purpose. The Company tests and challenges itself to continually improve and to engage with its people to ensure everyone has a voice and is properly informed. The Company believes that health and safety is everyone’s responsibility and through strong leadership, supervision and holding each other to account, health and safety can become a way of life that adds value and drives improved performance. Management and monitoring of performance is achieved through robust reporting, strong audit and monitoring regimes. Since September 2023, over 4,200 people managers have completed a Zero Harm Mindset training course which is designed following the unshakeable belief that Zero Harm at work is possible. This represents 98% of the management population. ∙Ongoing support to all employees The Company continues to provide ongoing support to all employees through: °promoting 'Speak Up', which is a confidential route for staff to raise concerns; °offering a free helpline ‘Talk’ where staff and their families can seek expert advice on personal and mental wellbeing topics; °offering a range of wellbeing products designed to provide employees with access to a virtual 24/7 GP, cycle to work scheme, free will writing services, daily wellbeing activities, fitness and nutrition consultation; °providing employees with the ability to access discounts to multiple high street retailers; and providing all employees with access to life assurance. The Company is proud of all its teams and their dedication and agility as its client and business needs continue Page 5
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 to evolve. High levels of employee engagement, wellbeing and communications The Company strives to create an employee experience that enables its people to “belong, act and thrive” whilst working for Sodexo. It measures the effectiveness of its “belong, act, thrive” Employee Value Proposition (“EVP”) by conducting biennial global employee engagement surveys and ad hoc surveys to address specific areas of the organisation. The data is thematically and statistically analysed to distil an action plan to address feedback solicited through the survey. A communications strategy is then tuned to deepen employee engagement by focusing on informing, engaging and inspiring colleagues to create an effective and inclusive workplace. Regular employee engagement surveys are conducted, and results are carefully scrutinised by the RLT to identify and implement actions for improvement. The RLT monitors attrition rates, feedback from exit interviews, agency spend and absenteeism levels in an effort to identify emerging people risks, trends, and to ensure appropriate action is taken to address these. Emerging people risks and trends are highlighted to the Board together with proposed action plans. In 2025, the Company conducted its biennial global employee engagement survey, Voice 2025, which assessed employee happiness and advocacy across nine core engagement drivers. Following the survey, teams across the business have been reviewing and discussing the results within their respective groups. These discussions are now feeding into a structured action-planning process, aimed at delivering incremental improvements in the areas identified for development. The next survey cycle is scheduled to commence in April 2027, with results expected in the summer of that year. A diverse and inclusive workforce and culture - Diversity, Equity & Inclusion (DE&I) At Sodexo, Diversity, Equity and Inclusion is central to our Culture & Belonging ambition and our global strategy. We are committed to creating a workplace where every colleague feels valued, respected and able to bring their whole self to work. Belonging is the foundation of how we support people to act with purpose and thrive. Our DE&I framework focuses on five global dimensions; gender, race and ethnicity, disability, generations, and sexual orientation and gender identity each championed by senior leaders who drive accountability and progress across the organisation. Employee Resource Groups play a vital role in shaping our culture by amplifying diverse voices, strengthening allyship, and creating safe spaces for connection. These groups also link directly with our Stop Hunger charity partnerships, ensuring our social impact reflects our DE&I values and supports communities in meaningful ways. We continue to maintain recognition as one the Times Top 50 Employers for Gender Equality, validating our sustained focus on inclusive practices and equitable opportunity. Our global policies provide consistent, progressive support for colleagues across life stages and enable a fair, flexible and inclusive experience. Clients The Company operates a Client Lifecycle approach to monitor and manage all contracts. Client retention is the essential first step in our Focus on Growth strategic agenda and helps create sustainable growth. The is underpinned by our "Clients for Life" programme. Clients for Life is a philosophy that underpins Sodexo's client engagement and retention programme. It is designed to create and nurture open, transparent relationships with our clients and ensures we put client and consumer needs at the heart of everything we do. Members of the RLT and operational senior leadership team meet with key clients at regular intervals to discuss and collaboratively agree the key strategic priorities that both organisations will invest effort and resources to drive continuous progression of both the strategic partnership and enhance service performance that impacts on its clients, employees and visitors. Page 6
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Detailed client feedback touchpoints are executed by an independent and impartial team that captures client insight from a variety of client key stakeholders at various degrees of proximity to service delivery. This insight is shared across a range of key stakeholders within the Company to ensure that any decisions around service design and architecture places client objectives and needs at the heart of the decision-making process. Progress is tracked by the board and the UK&I RLT. Suppliers Sodexo manages its end-to-end supply chain to meet legislative requirements, mitigate risks and satisfy customer demands for supply chain transparency. All suppliers of goods and services to Sodexo are assessed to ensure they are capable and competent to deliver the goods or conduct the work they are being contracted to supply. Suppliers are assessed against Sodexo’s Supplier Code of Conduct. The level of initial assessment and ongoing monitoring relates directly to the goods/services provided or to be undertaken and the associated risk. Assessment of the supplier's suitability is fulfilled by professionals who are independent from the day-to-day operational management of the suppliers they evaluate. Dependent on the associated risk, food suppliers are further audited against Sodexo’s Supplier Food Safety Code of Practice by either an external Independent Food Safety Consultancy or Sodexo's Health and Safety division. It is essential suppliers strive to meet these standards on a continuous basis as a condition of the supply agreement. Failure to meet the expected standard results in the immediate suspension of trade. If positive action is not taken to remedy the situation, the supplier will be removed from the supply chain. The Company promotes purchasing policies that increase the use of environmentally sound and ethically sourced products & partnering with a diverse supply chain, including small & medium enterprises, diverse suppliers and social enterprises. Sodexo encourages its suppliers to share its ethical principles and procurement commitments. Sodexo is committed to ensuring that slavery and human trafficking is not taking place in any of its supply chains or any part of its business and has in place measures to manage this risk including risk-based audit process. Community Sodexo’s approach to creating Social Impact and striving towards identifying and measuring its impact within local communities forms an integral part of the Company’s regional strategy. It encompasses many aspects of Sodexo’s business from its People Strategy to Net Zero to Responsible Sourcing and Stop Hunger. The Company underwent a comprehensive strategy review to ensure that its ongoing endeavours are in line with community needs and the environment. This resulted in publication of its Social Impact Pledge:2030 in February 2025. The commitments contained within the Pledge is led by the UK RLT and brought to life across the business. The UK has pioneered a distinctive approach to social impact and social value that stands out on the global stage. Unlike other countries, where legislative requirements like the EU’s Corporate Sustainability Reporting Directive (CSRD) or traditional Corporate Social Responsibility (CSR) frameworks dominate, the UK has developed a flexible, innovation-driven, and outcome-focused ecosystem. This approach not only enhances social and environmental outcomes but also drives business growth and competitiveness and ensures continuous focus on the intended outcome of actions. Sodexo’s Social Impact Pledge:2030 is based around four Social Impact pathways: ∙Our People – we will nurture inclusive and equitable workplaces, measuring our progress through our position on the Social Mobility Employer Index ∙Our Planet – we will continue to decarbonize our business, staying on track for Net Zero 2040 Page 7
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 ∙Our Places – Sodexo Stop Hunger Foundation will by 2030 have supported 12.5 million people in our local communities ∙Our Partners – we will increase diversity in our supply chain and spend over £1 billion with SMEs and diverse suppliers by 2030 Sodexo continues to publish an annual progress report against each of our social impact commitments. This can be found at uk.sodexo.com/social-impact/social-impact-reporting In doing so, the Company tracks its progress, articulates the social return on investment (SROI) of its activities, and accelerate subsequent actions based on achievements to date. The primary focus over the period to 2030 is on Social Mobility, progress towards Net Zero, elevating the depth and breadth of Stop Hunger, and diversification of suppliers through increased, targeted spend. The following illustrates how Sodexo is delivering against its Social Impact Pathways: ∙Our People - Sodexo recognises that talent comes from all walks of life and actively seeks to go beyond the legislative requirements of the Equality Act. The Company works to understand and respond to the demographic needs of the communities it serves. As the UK’s largest prison services provider, Sodexo plays a leading role in supporting employment opportunities for prison leavers through its Starting Fresh Campaign. Since the campaign’s launch, over 800 prison leavers have been supported into employment, with more than 100 individuals securing roles directly within Sodexo. The Company also supports veterans through targeted employment initiatives and continues to promote inclusive hiring practices across all business areas. ∙Our Planet - Sodexo has been actively addressing its climate impact for over a decade, working in partnership with the World Wildlife Fund (“WWF”) to measure and reduce greenhouse gas (“GHG”) emissions. The Company is committed to achieving net zero by 2040, with both near-term and long-term science-based targets validated by the Science Based Targets initiative (“SBTi”). Progress against these targets is being delivered through the implementation of Sodexo’s net zero transition plan, which includes operational changes, supply chain engagement, and behavioural initiatives. Further details are available in the Climate-related Financial Disclosure section of the report and on the Company’s website: uk.sodexo.com/social-impact/planet/net-zero. ∙Our Places - Sodexo is the founding partner of the Stop Hunger Foundation; an independent registered charity in the UK since 2005. Stop Hunger has a global reach with activities supported in 58 countries around the world; it was created in 1996 by US Sodexo colleagues who witnessed children going to school hungry. Stop Hunger relies on national, regional and local partnerships with registered charities and Community Interest Companies (CICs), as well as the unique ecosystem of Sodexo to tackle food insecurity and its root causes. Our key partners include Chapter One, Enactus, Fareshare and Trussell. We provide our partners with grant giving opportunities, hands on volunteering, expertise and knowledge sharing. In addition to alleviating food insecurity, the Foundation aims to support initiatives which go beyond food aid and empower women effectively and sustainably to eliminate food insecurity in the communities we live, work and play. In the UK a Community Fund has been introduced. This fund allows employees to identify causes close to their hearts, within their local community to receive funding to support their endeavours. In FY25, the Stop Hunger Foundation generated an income of over £897,700 and supported through volunteering and grants given to charities, CICs and charitable organisations in the UK, Ireland and Cyprus to help over one million beneficiaries exit food insecurity. All Sodexo employees have access to a volunteering policy offering three paid days per holiday year to participate in volunteering and fundraising. Our colleagues donated a total of 16,267 hours of their time, of which 6,315 hours focused on knowledge and expertise sharing and supported the Foundation and charitable Page 8
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 organisations contributing to Stop Hunger’s mission. A team of Stop Hunger charity champions are in place across the business, engaging, encouraging and enabling ways in which Sodexo’s workforce can give back to communities to tackle food insecurity and its root causes. Further information on the Company’s work in this area, and the impact in local communities, can be found at uk.sodexo.com/social-impact/places/stop-hunger. . ∙Our Partners – Sodexo’s responsible business strategy is complemented by its supplier engagement approach, known as Partners with Purpose. In the UK, the Company goes beyond traditional reporting metrics, such as spend and supply chain diversity, to emphasise the strategic importance of supplier impact on overall business success. Sodexo encourages suppliers to thrive by enhancing their competitiveness through pro bono coaching and mentoring. Each year, the Company deploys technical and professional employees to provide one-to-one support to suppliers, local charities, and community partners, helping them advance their organisational goals, strengthen engagement with Sodexo, and contribute to key policy objectives across the country. Shareholder The Board of Sodexo Global Services UK Limited duly considers the views of its ultimate shareholder, Sodexo S.A., and the interests of the wider Group when evaluating major decisions and transactions undertaken by the Company. Communication between the Company and its shareholder is facilitated through the Chair, the Board, and members of the RLT, who serve as key channels for dialogue and alignment. Long-term decision making The directors continue to review the Company’s organisational structure, cost base, service offerings, investment priorities, and broader business plans to ensure they remain optimal and responsive to the evolving external environment. Standards of business conduct Sodexo is built on strong ethical principles that guide development and contribute to its reputation. These principles are the cornerstone of Sodexo's culture, business model and policies on compliance, innovation, corporate responsibility, sponsorship, human rights and diversity, equity and inclusion. Sodexo's leaders and employees must respect and apply all applicable rules standards according to the principles of the Company's Group Code of Conduct and UK&I Code of Ethics, whether it is fighting corruption, providing accurate financial reports or protecting confidentiality. The UK&I Ethics & Compliance Committee includes the CEO (Chair), CFO, HR Director, General Counsel, General Counsel - Ethics, UK&I Head of Internal Audit, Head of Risk & Control, and Head of Supply Management. A segment CEO from a business segment is also included on a rotational basis annually. The Committee receives logs, considers and manages concerns raised under the UK&I Code of Ethics, Anti Bribery Policy, Gifts & Hospitality Policy and Whistleblowing Policy, including any allegations of bribery and corruption.The Committee conducts investigations, takes appropriate action, monitors and reviews incidents, training, measure trends, and reports appropriately to the Board. The Committee's minutes are submitted to each Board meetings for consideration by the Directors. Sodexo's Ethics and Compliance program to which to which the Company aligns, is structured around the following pillars: A committed management team (tone at the top), risk assessments, policies and procedures (including the Code of Conduct & UK&I Code of Ethics), training and awareness-raising, third party assessment (Supplier Code of Conduct), a whistleblowing system (Speak-up), and specific anti-corruption internal controls. Sodexo shares the same principles as those set out in the Modern Slavery Act, 2015. The Company believes in the elimination of all forms of compulsory labour and work to ensure slavery and human trafficking do not take place within any part of Sodexo's business supply chain. Further details are set out in the Company's Modern Page 9
SODEXO GLOBAL SERVICES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Slavery Act Statement which can be found at edge.sitecorecloud.io/sodexofrance1-sodexocorpsites-prod-e74/media/Project/Sodexo-Corp/Europe/UK/Media/pdf/legal/modern-slavery-report-28-02-2025.pdf. Closing The Company is committed to demonstrating transparency in its operations and strategic direction, reflecting the pride it takes in its workforce and the delivery of exceptional services. The Directors believe that maintaining transparency will further strengthen the trust placed in the Company by colleagues, clients, and the wider community throughout its corporate history. This report was approved by the board on 6 August 2026 and signed on its behalf.
Amolak Dhariwal Director
Page 10
SODEXO GLOBAL SERVICES UK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The directors present their report and the financial statements for the year ended 31 August 2025.
Dividends
A dividend of £31,447,627 was recommended by the Directors on 18 November 2024. This was subsequently paid on 20 November 2024. There was no dividend proposed post yearend in respect of the financial year ended 31 August 2025.
Directors
The directors who served during the year were:
Amolak Dhariwal (appointed 1 January 2025)
Sean Haley (resigned 31 December 2024)
Angelo Piccirillo (resigned 27 July 2026)
Jean Renton
Sunil Nayak (resigned 31 March 2026)
Insurance of directors
The Company maintains insurance for directors and officers in respect of their duties as directors and officers of the Company.
Going Concern
The Financial statements have been prepared on a going concern basis, which the directors consider appropriate for the following reasons. The Company is part of the Sodexo UK and Ireland group of companies (the “UK&I Group”), which in turn forms part of the wider Sodexo Group, headed by Sodexo S.A., a company incorporated in France. The UK&I Group’s principal activities include the provision of facilities management and catering services across various sectors such as government, healthcare, corporate services, sports and leisure and education. Accordingly, the Company’s cash flows are influenced by the continuity, volume, and pricing of these operations. The Company meets its day-to-day working capital requirements through operational cash flows generated from its delivery of management advisory services and broker fees derived from global contracts with vendors based on volumes and spend across Sodexo entities and intercompany loan arrangements within the UK&I Group. The Company has demonstrated resilience in the face of economic challenges. This has been achieved through disciplined cash and balance sheet management, strong contract retention, a diversified client base across both public and private sectors, and robust inflation management processes. Furthermore, the UK&I Group continues to pursue organic growth opportunities, with several new contracts in the pipeline. Nonetheless, it remains vigilant and prepared for potential macroeconomic changes through sound commercial management and prudent cost control In determining the appropriateness of the going concern basis, the directors have reviewed cash flow and profit forecasts for the Company covering a period of at least 12 months from the date of approval of these financial statements, based on the facts and circumstances as at the date of approval of these financial statements.. The forecast indicates the Company is due for repayment of the amounts owed to Group undertakings of £70,143,468 and to refinance for an amount of approximately/not more than £70,000,000 to remain resilient in the current macro-economic environment. Sodexo S.A, which is the immediate and ultimate parent company of Sodexo Global Services UK Limited has indicated its intention to continue to make available such funds as are needed by the company during the going Page 11
SODEXO GLOBAL SERVICES UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 concern assessment period. As with any company placing reliance on other group entities for finanical support, the directors acknowledge that there can be no certainity that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Based on this assessment, the directors are confident that the Company will have sufficient resources to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
Subsequent to the year end, PSL Purchasing Limited, Entegra Europe Limited and Pencom UK Limited were dissolved through voluntary strike-off applications. As part of the restructuring, the investment in Entegra Europe UK Limited was transferred from PSL Purchasing Limited to the Company at the carrying value recorded in PSL Purchasing Limited's books.
The auditor, KPMG LLP, Statutory Auditor, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 6 August 2026 and signed on its behalf.
Amolak Dhariwal Director
One Southampton Row
London
WC1B 5HA
Page 12
SODEXO GLOBAL SERVICES UK LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with UK accounting strandards and applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙assess the Company's ability to continue going concern, disclosing, as applicable, matters relating to going concern; and ∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that they comply with the Company's Act 2006. The directors are responsible for such internal control as they determine is necessary to enable preparation of financial statements that are free from material misstatement, whether due to fraud or error, and general responsbility to taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. Page 13
SODEXO GLOBAL SERVICES UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SODEXO GLOBAL SERVICES UK LIMITED Opinion We have audited the financial statements of Sodexo Global Services UK Limited (“the Company”) for the year ended 31 August 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and related notes, including the accounting policies in note 2. In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 August 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with UK accounting standards, including FRS 101 'Reduced Disclosure Framework'; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Going concern The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”). In our evaluation of the directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period. Our conclusions based on this work: ∙we consider that the directors' use the going concern basis of accounting in the preparation of the financial statements is appropriate; ∙we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation. Page 14
SODEXO GLOBAL SERVICES UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SODEXO GLOBAL SERVICES UK LIMITED (CONTINUED) Fraud and breaches of laws and regulations – ability to detect Identifying and responding to risks of material misstatement due to fraud To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: ∙Enquiring of directors and inspection of policy documentation as to the Company's high level policies and procedures to prevent and detect fraud, including the Company's channel for "whistleblowing", as well as whether they have knowledge any actual, suspected or alleged fraud. ∙Reading Board minutes. ∙Considering remuneration incentive schemes and performance targets for management, directors and sales staff. ∙Using analytical procedures to identify any unusual or unexpected relationships. We communicated identified fraud risks throughout the audit team and remaind alert to any indications of fraud throughout the audit. As required by auditing standards, and taking into account possible pressures to meet profit targets, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because there is limited incentive for management to manipulate revenue recognition. Management fee revenue is straight forward and recurring by nature. Broker fee revenue is able to be reconciled to external statements prior to revenue recognition, therefore providing limited opportunities for fraudulent revenue recognition. We did not identify any additional fraud risks. We performed procedures including: ∙identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts relating to revenue and cash Identifying and responding to risks of material misstatement related to compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards) and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Page 15
SODEXO GLOBAL SERVICES UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SODEXO GLOBAL SERVICES UK LIMITED (CONTINUED) Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, employment law, regulatory capital and liquidity, and certain aspects of company legislation recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect the breach. Context of the ability of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. Strategic report and directors’ report The directors are responsible for the strategic report and the directors’ report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon. Our responsibility is to read the strategic report and the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: ∙we have not identified material misstatements in the strategic report and the directors’ report; ∙in our opinion the information given in those reports for the financial year is consistent with the financial statements; and ∙in our opinion those reports have been prepared in accordance with the Companies Act 2006. Matters on which we are required to report by exception Under the Companies Act 2006 we are required to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from the branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors’ remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. We have nothing to report in these respects. Page 16
SODEXO GLOBAL SERVICES UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SODEXO GLOBAL SERVICES UK LIMITED (CONTINUED) Directors’ responsibilities As explained more fully in their statement set out on page 11, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed. Martyn Barker (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 1 St Peter's Square Manchester M2 3AE 6 August 2026 Page 17
SODEXO GLOBAL SERVICES UK LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 62,430 | 75,359
Operating expenses |  | (38,256) | (44,821)
Operating profit |  | 24,174 | 30,538
Income from investments | 9 | 3,000 | 1,300
Amounts written off investments | 16 | (3,327) | (2,577)
Interest receivable and similar income | 10 | 1,192 | 4,219
Interest payable and expenses | 11 | (7,981) | (7,484)
Profit before tax |  | 17,058 | 25,996
Tax on profit | 12 | (3,302) | (6,929)
Profit for the financial year |  | 13,756 | 19,067
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 21 to 39 form part of these financial statements.
Page 18
SODEXO GLOBAL SERVICES UK LIMITED REGISTERED NUMBER: 08146193 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 500 |  | 500
Tangible assets | 15 |  | 24 |  | 16
Investments | 16 |  | 162,797 |  | 166,124
|  |  | 163,321 |  | 166,640
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 13,066 |  | 9,952 |
Cash at bank and in hand |  | 25,224 |  | 47,944 |
|  | 38,290 |  | 57,896 |
Creditors: amounts falling due within one year | 18 | (12,435) |  | (31,054) |
Net current assets |  |  | 25,855 |  | 26,842
Total assets less current liabilities |  |  | 189,176 |  | 193,482
Creditors: amounts falling due after more than one year | 19 |  | (134,525) |  | (118,354)
|  |  | 54,651 |  | 75,128
Net assets |  |  | 54,651 |  | 75,128
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 22,500 |  | 22,500
Profit and loss account |  |  | 32,151 |  | 52,628
|  |  | 54,651 |  | 75,128
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2026.
Amolak Dhariwal
Director
The notes on pages 21 to 39 form part of these financial statements. Page 19
SODEXO GLOBAL SERVICES UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 September 2023 | 22,500 | 77,140 | 99,640
Profit for the year | - | 19,067 | 19,067
Dividends | - | (41,300) | (41,300)
Equity-settled share based payment transactions | - | (2,279) | (2,279)
At 1 September 2024 | 22,500 | 52,628 | 75,128
Profit for the year | - | 13,756 | 13,756
Dividends | - | (31,448) | (31,448)
Equity-settled share based payment transactions | - | (2,785) | (2,785)
At 31 August 2025 | 22,500 | 32,151 | 54,651
| The notes on pages 21 to 39 form part of these financial statements.
Page 20
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | General information
Sodexo Global Services UK Limited (the “Company”) is a company incorporated, domiciled and registered in the UK. Registered address: 1 Southampton Row, London, WC1B 5HA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of Sodexo S.A. as at 31 August 2024 and these financial statements may be obtained from Registrar of the Commercial Court. Page 21
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis, which the directors consider appropriate for the following reasons: The Company is part of the Sodexo UK and Ireland group of companies (the “UK&I Group”), which in turn forms part of the wider Sodexo Group, headed by Sodexo S.A., a company incorporated in France. The UK&I Group’s principal activities include the provision of facilities management and catering services across various sectors such as government, healthcare, corporate services, sports and leisure and education. Accordingly, the Company’s cash flows are influenced by the continuity, volume, and pricing of these operations. The Company meets its day-to-day working capital requirements through operational cash flows generated from its delivery of management advisory services and broker fees derived from global contracts with vendors based on volumes and spend across Sodexo entities and intercompany loan arrangements within the UK&I Group. The UK&I Group has demonstrated resilience in the face of economic challenges. This has been achieved through disciplined cash and balance sheet management, strong contract retention, a diversified client base across both public and private sectors, and robust inflation management processes. Furthermore, the UK&I Group continues to pursue organic growth opportunities, with several new contracts in the pipeline. Nonetheless, it remains vigilant and prepared for potential macroeconomic changes through sound commercial management and prudent cost control. In determining the appropriateness of the going concern basis, the directors have reviewed cash flow and profit forecasts for the Company covering a period of at least 12 months from the date of approval of these financial statements. The forecast indicates that the Company is due for repayment of the amounts owed to group undertakings of £70,143,468 and to refinance for an amount of approximately/not more than £70,000,000 to remain resilient in the current macro-economic environment. Sodexo S.A, which is the immediate and ultimate parent company of Sodexo Global Services UK Limited has indicated its intention to continue to make available such funds as are needed by the company during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Based on this assessment, the directors are confident that the Company will have sufficient resources to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis. Page 22
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 23
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.5 | Revenue
The company has two streams of revenue, management fee income from the parent company Sodexo S.A. and Broker fee income which is derived from contracts with vendors based on volumes and spend across Sodexo entities. Revenues are measured at the fair value of the consideration received or to be received, net of discounts and rebates as well as Value Added Tax (VAT) and other taxes. Revenue is recognised in accordance with IFRS 15, following a five-step approach: . Identify the contract . Identify the performance obligation . Determine the transaction price . Allocate the transaction price . Recognise revenue Management Fee Income Revenue is recognised evenly over the financial year as Sodexo S.A. receives the benefits as the company performs the contracted services. Broker Fee Income Broker fee income is recognised based on approved broker contract terms signed between Sodexo Global Services UK Limited and each supplier. Broker services are provided throughout each calendar year and paid in quarterly instalments with the final payment made after the yearly spend and broker fee reconciliation is made with the supplier. The vast majority of broker services are remunerated by a fee calculated as a rate applied to annual spend. A robust process is in place to obtain accurate forecasts of the annual spend at the end of each financial year. The methodology to assess estimated annual spend fee is based on a rolling forecast process by which annual spend is updated four times a year by Sodexo countries in November, February, May and for the financial year close in August. This allows management to regularly challenge the spend reported especially in comparison with the latest annual reconciled spend. At the date of approval of the financial statements the annual reconciliation of the previous calendar year with suppliers has been completed with validation with vendors in progress. As a result, actual broker fees for calendar year 2024 and 2025 have been confirmed with supplier's fees. Actual broker fees do not vary materially to broker fees recognised in the financial year and therefore the estimation uncertainty is reduced. When recognising broker fee income in the financial year management considers that the method based on a pro rata basis 4/12 of the annual prior calendar year actual fee and 8/12 of the annual current year estimated fee, offers a robust and acceptable estimate for the following reasons given spend provided by countries is evenly spread across each quarter in the calendar year. For certain specific contracts, some countries are only able to provide annual spend forecasts, without quarterly breakdown due to system limitations, management considers these contracts to have even spend across the year as per most of the contracts To the extent that remuneration rates do not depend on quantitative factors, revenue is recognised in Page 24
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.5 | Revenue (continued)
line with the variable consideration principles as outlined in IFRS 15. At the date of the approval of the financial statements, variable revenue consideration is only recognised in the corresponding financial year to the extent that it is highly probably that a significant reversal will not occur. The Company deem the point at which reversal will not occur to be at the point in time of the income being agreed with the supplier.
| 2.6 | Payroll costs
Payroll costs are recognised in the Profit or loss within operating expenses on the basis they are determined to be fixed costs which cannot be directly attributable to the generation of revenue for the Company.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred..
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 25
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.11 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.13 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development costs are amortised over their estimated useful lives. This is 4 years.
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 26
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows: The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. The carrying amounts of investments are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an investment is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the investment. An impairment loss is recognised if the carrying amount of the investment exceeds its estimated recoverable amount. Impairment losses are recognised in profit and loss.
| 2.16 | Basic Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
| 2.17 | Trade and other debtors/creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs, trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairments losses in the case of trade debtors. Trade and other receivables are impaired to reflect the expected credit losses, assessed using an impairment matrix (application simplified impairment model as provided for in IFRS 9 "Financial instruments"). This method consists of applying for each aging balance category a separate impairment rate based on historical credit losses adjusted, when necessary, to take into account prospective factors. Page 27
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company’s accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods. Key judgements and estimates for this entity relate to variable consideration. The same is explained in accounting policy under revenue.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Management Fees | 37,882 | 41,479
| Broker Fee Income | 24,548 | 33,880
|  | 62,430 | 75,359
| All turnover arose within the United Kingdom.
Page 28
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation of tangible fixed assets | 15 | 16
| Amortisation of intangible assets | - | 14
| Defined contribution pension cost | 2,643 | 2,407
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 49 | 50
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 24,576 | 31,881
| Social security costs | 3,642 | 3,294
| Cost of defined contribution scheme | 2,643 | 2,407
|  | 30,861 | 37,582
| Wages and salaries includes Share Based Payment amounts of £1,821,102 (2024 - £1,805,704)
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration function | 176 | 180
|  | Supply chain | 41 | 39
|  |  | 217 | 219
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SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
8. | Directors' remuneration
| The remuneration for the directors has been borne by another group company. The services provided by the Directors to this company are incidental to their services to the wider group.
9. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Dividends received from subsidiaries | 3,000 | 1,300
|  | 3,000 | 1,300
10. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Gain on currency revaluation | 277 | 2,589
| Bank and other interest receivable | 915 | 1,630
|  | 1,192 | 4,219
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Other loan interest payable | 2 | 20
| Interest payable on loans from Group undertakings | 7,958 | 4,773
| Loss on currency revaluation | 21 | 2,691
|  | 7,981 | 7,484
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SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 4,091 | 6,566
| Adjustments in respect of previous periods | (811) | 119
|  | 3,280 | 6,685
| Total current tax | 3,280 | 6,685
| Deferred tax |  |
| Origination and reversal of timing differences | 14 | 510
| Adjustments in respect of previous years | 8 | (266)
| Total deferred tax | 22 | 244
| Taxation on profit on ordinary activities | 3,302 | 6,929
Page 31
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The company is a member of the Sodexo S.A. Group which is expected to be a MNE within the scope of Pillar Two. The Group has carried out preliminary work and does not anticipate any significant impact from this measure in the UK. As at 31 August 2025, no deferred tax has been recognised in application of the amendment to IAS 12 concerning the mandatory exemption from recognition of deferred tax in the financial statements. The tax assessed for the year is lower than (2024 - higher than) the blended rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 17,058 | 25,996
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 4,264 | 6,499
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 832 | (325)
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (241) | 662
| Adjustments to tax charge in respect of prior periods | (803) | (147)
| Non-taxable income | (750) | 240
| Total tax charge for the year | 3,302 | 6,929
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Dividend paid on ordinary share capital | 31,448 | 41,300
|  | 31,448 | 41,300
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SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
14. | Intangible assets
|  | Development expenditure
|  | £000
| Cost |
| At 1 September 2024 | 1,821
| At 31 August 2025 | 1,821
| Amortisation |
| At 1 September 2024 | 1,321
| At 31 August 2025 | 1,321
| Net book value |
| At 31 August 2025 | 500
| At 31 August 2024 | 500
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SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
15. | Tangible fixed assets
|  | Computer equipment
|  | £000
| Cost or valuation |
| At 1 September 2024 | 59
| Additions | 23
| At 31 August 2025 | 82
| Depreciation |
| At 1 September 2024 | 43
| Charge for the year | 15
| At 31 August 2025 | 58
| Net book value |
| At 31 August 2025 | 24
| At 31 August 2024 | 16
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SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
16. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 September 2024 | 168,701
| At 31 August 2025 | 168,701
| Impairment |
| At 1 September 2024 | 2,577
| Charge for the period | 3,327
| At 31 August 2025 | 5,904
| Net book value |
| At 31 August 2025 | 162,797
| At 31 August 2024 | 166,124
| On 31 August 2025 the investment held in Sodexo Ventures UK Limited was impaired by £3,327,339 following a decrease in fair value of Meican investment held by Sodexo Ventures UK Limited. An impairment of £3,327,339 was therefore recognised in the profit and loss of Sodexo Global Services UK Limited.
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SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Sodexo Ventures UK Limited | 1 Southampton Row, London, United Kingdom, WC1B 5HA | Ordinary | 100%
| PSL Purchasing Limited | First Floor, Walton House, 11 - 13 Parade, Leamington Spa, Warwickshire, CV32 4DG | Ordinary | 100%
| Entegra Europe UK Limited * | First Floor, Walton House, 11 - 13 Parade, Leamington Spa, Warwickshire, CV32 4DG | Ordinary | 100%
| Entegra Europe Limited | First Floor, Walton House, 11 - 13 Parade, Leamington Spa, Warwickshire, CV32 4DG | Ordinary | 100%
| Pencom UK Limited * | First Floor, Walton House, 11 - 13 Parade, Leamington Spa, Warwickshire, CV32 4DG | Ordinary | 100%
| * denotes an indirect subsidiary Subsequent to the year end, PSL Purchasing Limited, Entregra Europe Limited and Pencom UK Limited were dissolved through voluntary stike-off applications. As part of the restructuring, the investment in Entegra Europe UK Limited was transferred from PSL Purchasing Limited to the Company at the carrying value recorded in PSL Purchasing Limited's books. Impairment assessment for investment in subsidiaries: In assessing the recoverability of the carrying value of investments in subsidiaries held at the balance sheet date, management have assessed whether the net assets of the investment support the carrying value of the investments held by Sodexo Global Services UK Limited at 31 August 2025. Where the net assets do not support the carrying value of the investment and as such an impairment trigger is considered to be present, management have performed an impairment test using the principles of IAS 36, treating each investment in a subsidiary as a separate cash generating unit. The recoverable amount of each cash generating unit where net assets do not support the carrying value of the investment has been determined based on a value in use calculation. A cash flow forecast is prepared each year for each subsidiary and this has formed the basis of this calculation.
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SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 1,451 | 442
| Amounts owed by group undertakings | 392 | 3,085
| Other debtors | 6,154 | 4,178
| Tax recoverable | 4,115 | 1,270
| Deferred taxation | 954 | 977
|  | 13,066 | 9,952
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 1,282 | 164
| Amounts owed to group undertakings | 1,428 | 22,409
| Other taxation and social security | 7,590 | 7,434
| Accruals and deferred income | 2,135 | 1,047
|  | 12,435 | 31,054
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed to group undertakings | 134,525 | 118,354
|  | 134,525 | 118,354
| On 12 October 2016 Sodexo Global Services UK Limited entered into a loan agreement with Sodexo Limited for £35,254,297, term 10 years, interest rate bank base rate plus 0.5%. On 12 October 2016 Sodexo Global Services UK Limited entered into a loan agreement with Sodexo Remote Sites Scotland Limited for £32,000,000, term 10 years, interest rate bank base rate plus 0.5%. On the 10 December 2021 Sodexo Global Services UK Limited entered into a new loan agreement with Sodexo Finance DAC for £51,100,000, term 6 years, interest rate 1.75%.
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SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
20. | Deferred taxation
|  | 2025
|  | £000
| At beginning of year | 977
| Credit for the year | (23)
| At end of year | 954
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | 2 | -
| Short term timing differences | 225 | 219
| Share based payments | 727 | 758
|  | 954 | 977
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 22,500,001 (2024 - 22,500,001) Ordinary shares of £1.00 each | 22,500 | 22,500
22. | Related party transactions
| Transactions with other fellow wholly owned subsidiaries of Sodexo S.A. are not disclosed as the Company has taken advantage of the exemption available under paragraph 8(k) of FRS 101.
23. | Post balance sheet events
Subsequent to the year end, PSL Purchasing Limited, Entegra Europe Limited and Pencom UK Limited were dissolved through voluntary strike-off applications. As part of the restructuring, the investment in Entegra Europe UK Limited was transferred from PSL Purchasing Limited to the Company at the carrying value recorded in PSL Purchasing Limited's books. Page 38
SODEXO GLOBAL SERVICES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
24. | Controlling party
The Company’s ultimate and immediate parent company and controlling party is Sodexo S.A., a company incorporated in France. This is the smallest and largest group of undertakings for which consolidated financial statements are prepared. Copies of the consolidated financial statements can be obtained from The Secretary, Sodexo S.A., 255 Quai de la Bataille de Stalingrad, 92866 Issy-Les-Moulineaux, France.
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