$SW (+1,27%) The Executive Board had already reduced the forecast for the full FY in March. The forecast for organic sales growth was lowered from 5.5 - 6.5% to 3-4%. The operating margin was lowered from 30 - 40 basis points to 10 - 20 bp.

The figures now published for the full financial year 2024/25 as at 31.08.2025 are at the lower end of the lowered forecast. Organic sales growth amounts to 3.30% and the margin increased by 10 bp.

Organic sales growth of only 1.5 - 2.5% is expected for 2026, with margin growth of 10 bp.

Sodexe's share price fell when the results and forecasts were announced. Even before the results were published, the company announced on October 8 that it was restructuring its top management. The chairwoman of the family company will step down and make way for a new chairman. In my opinion, the forecasts for FY 2025/26 show that the company has reached its limits with its current focus and that new directions are needed.

The press release states: "The appointment of Thierry Delaporte

is the result of a cooperative and structured process. Thierry Delaporte has proven to be the

best leader to drive Sodexo's next phases of growth. He has extensive experience in the management of international

international and people-intensive businesses, combined with a deep understanding of the US market,

a proven track record of delivering strong and profitable growth and a strong alignment with Sodexo's values.

We would like to express our sincere gratitude to Sophie for her decisive actions over the past years."

Here is a summary of important events & the Formatting is Getquin's fault!

US MARKET🇺🇸

Monday

Publication of the Empire State Manufacturing Survey of the New York Fed for April.

Publication of the retail sales in the USA for March.

Publication of the business inventories for February.

Publication of the homebuilder confidence for April.

Speeches by Lorie LoganPresident of the FED of Dallasand Mary C. DalyPresident of the FED Bank of San Francisco.

Quarterly reports from Goldman Sachs ($GS (+0,46%) ), Charles Schwab ($SCHW (+1,76%) ) and M&T Bank ($MTB (+1,24%) ).

Tuesday

Publication of the building permits for March.

Publication of the industrial production for March.

Quarterly reports from UnitedHealth Group ($UNH (+0,79%) ) , Johnson & Johnson ($JNJ (+1,37%) ), Bank of America ($BAC (+1,09%) ), Morgan Stanley ($MS (+1,28%) ), BNY Mellon ($BK (+0%) ) and PNC Bank ($PNC (+0,96%) ).

Wednesday

Publication of the mortgage applications for the week ending April 12.

Publication of the FED Beige Books.

Quarterly reports from United Airlines ($UAL (-3,03%) ), Abbott Laboratories ($ABT (+1,76%) ), U.S. Bancorp ($USB (+0,71%) ), Travelers Cos. ($TRVC34 ), Citizens Financial ($FCNCA (+0%) ), First Horizon ($FHN (+0,95%) ) and Discover Financial Services ($DFS ).

Thursday

Publication of initial jobless claims for the week ending April 13.

Publication of the Philadelphia Fed Manufacturing Survey for April.

Publication of existing home sales for March.

Speeches by John C. WilliamsPresident of the FED of New Yorkand Raphael BosticPresident of the FED of Atlanta.

Quarterly reports from Netflix ($NFLX (-2,28%) ), Intuitive Surgical ($ISRG (+0,35%) ) and Infosys ($INFY ).

Friday

Speech by Austan GoolsbeePresident of the FED of Chicago.

Quarterly reports from Procter & Gamble ($PG (+1,2%) ), American Express ($AXP (+1,08%) ), Fifth Third Bancorp ($FITB (+1,6%) ) and Huntington Bancshares ($HBAN (+0,49%) ).

Saturday

Possible events in connection with the Bitcoin halving.

EU MARKET

Monday

Release of industrial production

Speech by Philip Lane, Member of the Executive Board of the ECB

Quarterly reports from Pagegroup ($PAGE ) 🇬🇧, Playtech $PTEC (+1,58%) ) 🇬🇧

Tuesday

Trade Balance (Feb)

ZEW Economic Sentiment

Eurogroup Meetings

Publication of the quarterly reports of Ashmore ($ASHM (-1,14%) ) 🇬🇧

Wednesday

Publication of CPI data

EU Summit & Eurogroup Meetings

Speech by Isabel Schnabel, Member of the Executive Board of the ECB

Quarterly figures from Severstal ($CHMF ) 🇷🇺, Volvo B ($VOLV B (-0,03%) ) 🇸🇪, Viscofan $VIS (+1,8%) ) 🇪🇸, Petershill Partners ($PHLL ) 🇬🇧, Hays ($HAS (-2,83%) ) 🇬🇧

thursday

Speech by Luis de GuindosVice President of the ECB

EU Summit & Eurogroup Meetings

Speech by Isabel Schnabel, Member of the Executive Board of the ECB

- Quarterly figures from EQT AB ($EQT (+0,49%) ) 🇸🇪, EssilorLuxottica ($EL (+2,43%) ) 🇫🇷, Nordea Bank ($NDA FI (+0,87%) ) 🇸🇪, Sartorius Stedim ($DIM (+0,54%) ) 🇩🇪, Nokia Oyj $NOKIA (-2,45%) ) 🇫🇮, Inter Cars SA ($n/a) 🇵🇱, Tauron Polska Energia ($TPE (+1,1%) ) 🇵🇱, Forvia ($FRVIA (-0,87%) ) 🇫🇮, Dunelm ($DNLM (-0,92%) ) 🇬🇧, Adtran Networks SE ($ADV (+0%) ) 🇩🇪, Olvi Oyj A ($OLVAS (+3,19%) ) 🇫🇮, Econocom ($ECOM ) 🇧🇪, Talenom Oyj $TNOM (-2,94%) ) 🇫🇮, Alisa Pankki Oyj ($ALISA (-0,18%) ) 🇫🇮

Friday

Eurogroup Meetings

CFTC EUR speculative net positions

Quarterly figures from Sodexo ($SW (+1,27%) ) 🇫🇷, Linea Directa Aseguradora ($LDA (+0,63%) ) 🇪🇸, Alma Media ($002950 ) 🇫🇮, Gofore ($GOFORE (-0,33%) ) 🇫🇮