The Group’s segment structure remained unchanged in 2025, following the reorganization implemented in 2024 to align reporting with the Group’s strategic priorities. The structure continues to comprise the reportable segments Europe, Southern Europe & Africa (“SEA”), North America (“NA”), Latin America (“LATAM”), Asia Pacific & Middle East (“APME”) and gatesolutions. The gatesolutions segment provides tailored catering solutions and packaged meal offerings for the food service and retail industries and includes deSter, which was integrated into this segment as part of the 2024 revision. The Group also includes several global functions reported under “Centre”, comprising supply chain services and procurement, the Corporate Executive Committee, and global group functions such as informatics, communications, human resources, finance, legal and environmental services.
January - December, 2025 in EUR m | Europe | SEA | NA | LATAM | APME | gate solutions | Centre | Elimina- tions | Total |
External revenue | 1,874.3 | 928.0 | 1,414.2 | 319.0 | 478.6 | 506.7 | 86.7 | - | 5,607.5 |
Intersegment revenue | 10.8 | 3.4 | 8.6 | - | - | 77.1 | 160.1 | (260.0) | - |
Total revenue | 1,885.1 | 931.4 | 1,422.8 | 319.0 | 478.6 | 583.8 | 246.8 | (260.0) | 5,607.5 |
Materials and service expenses | (736.5) | (274.0) | (386.0) | (101.1) | (140.1) | (355.0) | (226.9) | 259.7 | (1,959.9) |
Personnel expenses(I) | (764.7) | (424.2) | (726.0) | (123.2) | (176.6) | (140.6) | (56.0) | 0.4 | (2,410.9) |
Other income and expenses | (318.6) | (145.3) | (188.5) | (51.8) | (56.8) | (56.3) | 47.7 | (0.1) | (769.7) |
EBITDA(II) | 65.3 | 87.9 | 122.3 | 42.9 | 105.1 | 31.9 | 11.6 | - | 467.0 |
Total segment assets | 907.1 | 723.0 | 521.1 | 189.5 | 415.9 | 486.2 | 261.2 | - | 3,504.0 |
Total segment liabilities | (624.9) | (415.1) | (346.0) | (240.0) | (113.7) | (291.1) | (2,664.9) | - | (4,695.7) |
Additions to non-current assets(III) | 48.9 | 39.3 | 60.3 | 5.9 | 3.7 | 23.0 | 1.1 | - | 182.2 |
January - December, 2024 in EUR m | |||||||||
External revenue | 1,771.5 | 880.7 | 1,445.6 | 308.8 | 466.2 | 511.1 | 88.8 | - | 5,472.7 |
Intersegment revenue | 11.3 | 3.8 | 19.7 | - | - | 79.3 | 194.7 | (308.8) | - |
Total revenue | 1,782.8 | 884.5 | 1,465.3 | 308.8 | 466.2 | 590.4 | 283.5 | (308.8) | 5,472.7 |
Materials and service expenses | (712.5) | (270.1) | (422.8) | (95.8) | (141.0) | (369.5) | (262.8) | 305.8 | (1,968.7) |
Personnel expenses(I) | (736.1) | (417.7) | (747.5) | (124.0) | (169.0) | (128.4) | (64.1) | 0.8 | (2,386.0) |
Other income and expenses | (299.7) | (133.6) | (175.8) | (58.8) | (42.7) | (54.7) | 55.4 | 2.2 | (707.7) |
EBITDA(II) | 34.5 | 63.1 | 119.2 | 30.2 | 113.5 | 37.8 | 12.0 | - | 410.3 |
Total segment assets | 877.6 | 742.6 | 519.0 | 161.0 | 424.8 | 480.1 | 203.0 | - | 3,408.1 |
Total segment liabilities | (554.2) | (443.2) | (338.5) | (216.5) | (151.9) | (265.9) | (2,513.8) | - | (4,484.0) |
Additions to non-current assets(III) | 53.0 | 37.0 | 47.5 | 3.1 | 6.5 | 22.9 | 1.6 | - | 171.6 |
January - December, 2023 in EUR m | |||||||||
External revenue | 1,528.5 | 844.8 | 1,305.4 | 240.6 | 345.2 | 483.9 | 89.7 | - | 4,838.1 |
Intersegment revenue | 8.1 | 3.0 | 6.4 | - | - | 69.9 | 197.0 | (284.4) | - |
Total revenue | 1,536.6 | 847.8 | 1,311.8 | 240.6 | 345.2 | 553.8 | 286.7 | (284.4) | 4,838.1 |
Materials and service expenses | (625.4) | (273.3) | (384.2) | (83.5) | (108.8) | (346.2) | (268.6) | 284.4 | (1,805.6) |
Personnel expenses(I) | (627.9) | (389.6) | (680.0) | (89.8) | (137.2) | (127.8) | (53.4) | 0.1 | (2,105.6) |
Other income and expenses | (286.9) | (131.3) | (166.6) | (44.4) | (48.0) | (57.5) | 42.2 | (0.1) | (692.6) |
EBITDA(II) | (3.6) | 53.6 | 81.0 | 22.9 | 51.2 | 22.3 | 6.9 | - | 234.3 |
Total segment assets | 883.2 | 742.4 | 476.2 | 157.1 | 348.6 | 392.6 | 172.1 | - | 3,172.2 |
Total segment liabilities | (517.6) | (423.9) | (311.7) | (210.6) | (185.6) | (210.6) | (2,373.3) | - | (4,233.3) |
Additions to non-current assets(III) | 23.9 | 28.8 | 26.6 | 8.2 | 2.2 | 9.3 | 1.5 | - | 100.5 |
(I)Excludes long-term incentive plans and restructuring costs (Note 5.1)
(II)EBITDA is defined as earnings before finance result, tax, depreciation, amortization, and management fees. EBITDA excludes long-term incentive plans, restructuring costs, transaction-related costs, operating taxes (non-income taxes), and other gains and losses, net. The Executive Management Board (“EMB”) assesses the performance of operating segments based on EBITDA. The reconciliation to operating profit as reported in the Consolidated Income Statement is presented below.
(III)Relates to property, plant and equipment, and intangible assets (Notes 3.4, 3.6, 3.7)
Reconciliation of EBITDA to operating profit | |||
in EUR m | 2025 | 2024 | 2023 |
EBITDA | 467.0 | 410.3 | 234.3 |
Long-term incentive plans (Notes 5.1, 5.2) | (48.5) | (16.6) | (12.0) |
Restructuring costs, net of releases (Notes 2.4, 5.1) | (57.7) | (9.5) | 0.5 |
Transaction-related costs | (2.3) | (0.6) | (1.2) |
Operating taxes (non-income taxes) | (7.1) | (13.8) | (4.6) |
Depreciation (Notes 3.4, 3.7) | (172.4) | (164.4) | (151.9) |
Amortization (Note 3.6) | (19.0) | (19.7) | (25.3) |
Impairment charges, net of reversals (Note 3.4) | - | (0.2) | (0.2) |
Other gains and (losses), net (Note 2.5) | 1.3 | (2.1) | (0.5) |
Management fees, net | 0.6 | 0.8 | 0.4 |
Operating profit | 161.9 | 184.2 | 39.5 |
Revenue by country | |||
in EUR m | 2025 | 2024 | 2023 |
United States | 1,361.8 | 1,433.8 | 1,307.9 |
Germany | 886.4 | 828.7 | 748.2 |
France | 722.7 | 678.0 | 665.7 |
Switzerland(I) | 405.1 | 389.9 | 366.4 |
Other countries | 2,231.5 | 2,142.3 | 1,749.9 |
Total(II) | 5,607.5 | 5,472.7 | 4,838.1 |
(I)Country of domicile of the Company
(II)Relates to revenue from external customers
Revenue is allocated according to the location of the Group company that receives the revenue. No other country represented more than 10% of revenue from external customers in 2025, 2024 or 2023.
Non-current assets by country | |||
in EUR m | 2025 | 2024 | 2023 |
France | 371.3 | 375.8 | 363.8 |
Germany | 291.8 | 296.4 | 303.9 |
United States | 265.0 | 298.1 | 267.8 |
Switzerland(I) | 243.7 | 246.7 | 237.3 |
Other countries | 693.6 | 664.7 | 644.1 |
Total non-current assets(II) | 1,865.4 | 1,881.7 | 1,816.9 |
(I)Country of domicile of the Company
(II)Relates to property, plant and equipment, and intangible assets (Notes 3.4, 3.6, 3.7)
Non-current assets are allocated according to the location of the Group company that holds the assets. No other country represented more than 10% of non-current assets as of December 31, 2025, 2024 or 2023.
Two major customers accounted for 12% and 11% of 2025's total revenues respectively (2024: 14% and 10% respectively; 2023: 14% and 10% respectively). Their revenues are attributable across all reportable segments.
in EUR m | 2025 | 2024 | 2023 |
Catering and other | 4,588.4 | 4,427.4 | 3,908.1 |
Retail on board | 304.2 | 316.3 | 288.4 |
Equipment and Food services | 714.9 | 729.0 | 641.6 |
Total | 5,607.5 | 5,472.7 | 4,838.1 |
Catering revenue includes on board catering and related logistic services. Other revenue includes mainly income from non-catering services, such as laundry, aircraft cleaning, lounge and security services, and asset management. Retail on board revenue comprises the sale of food and non-food products directly to passengers. Equipment revenue includes revenue from the sale of food contact items (such as cutlery, cups, glasses and plates), and comfort items (such as headsets, blankets and amenity kits). Food services include revenue not related to the aviation business.
Payment terms are individually agreed with the Group’s customers and are tailored to the specific factors relating to each customer contract.
in EUR m | 2025 | 2024 | 2023 |
Deferred revenue (Note 3.11) | (1.7) | (2.4) | (1.8) |
Total contract liabilities | (1.7) | (2.4) | (1.8) |
Contract liabilities are recognized and settled continuously in the normal course of business.
From time to time the Group enters into service contracts, whereby an up-front contract payment is made to a customer. These are made as an integral part of a long-term agreement with such customers. These up-front payments are recognized in other prepayments and other non-current receivables (Note 3.2). They are released over the life of the related contract as a reduction of revenue. Movements on the up-front contract payments are as follows:
in EUR m | 2025 | 2024 | 2023 |
Balance at January 1 | 46.8 | 50.4 | 59.6 |
Additions | 2.8 | 5.7 | 0.7 |
Write-offs / reclassifications / reversals | (6.9) | (0.6) | (0.8) |
Release of deferred contract payments for the year | (5.7) | (7.0) | (7.5) |
Exchange differences | (3.4) | (1.7) | (1.6) |
Balance at December 31 | 33.6 | 46.8 | 50.4 |
Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Revenue is reduced by estimated volume rebates and other similar allowances. These elements are generally determined by applying the expected value method. The Group recognizes revenue when it transfers control over a product or service to a customer. Contract assets primarily relate to the Group’s right to consideration for which the group does not yet have a right to consideration that is unconditional. Contract liabilities consist mainly of deferred revenue, which is recognized when the consideration from the customer has been received but the performance obligations have not yet been satisfied. Revenue for all categories is recognized at a point in time.
Earnings per Share (“EPS”) have been calculated on the basis of the net result attributable to shareholders of the Company, and the weighted average number of outstanding shares (issued shares less treasury shares):
2025 | 2024 | 2023 | |
Basic and diluted earnings per share | |||
Loss after taxes (EUR m) attributable to shareholders of the Company | (136.1) | (58.8) | (179.7) |
Weighted average number of outstanding shares | 142,417,710 | 142,417,710 | 142,417,710 |
Basic and diluted earnings per share (EUR) | (0.96) | (0.41) | (1.26) |
For the years presented, the Group reported a loss attributable to shareholders; accordingly, all potential ordinary shares were anti-dilutive and are excluded from diluted EPS, resulting in diluted EPS being equal to basic EPS.
Two categories of instruments were identified that could give rise to ordinary shares in the future:
In March 2021, the Company entered into a CHF 475.0m convertible term facility with Zeppelin Asset Holding Ltd and Esta Investments Pte Ltd, both related parties of the Group. The facility bears interest at 12.5% per annum and may be converted into ordinary shares of the Company under certain circumstances, including upon the occurrence of a qualified listing or other events defined in the agreement. The number of conversion shares is determined by dividing the amount of the outstanding loan (including any accrued interest attributable thereto) by the conversion price which falls within the range of a fair market price per share as set forth in a fairness opinion from an independent financial adviser or corresponds to the transaction price in case of Initial Public Offering ("IPO"), change of control or disposal.
On June 10, 2025, the facility agreement was amended and restated. Under the amended terms, the maturity of the facility occurs 30 days after the earlier of (i) the last termination date of the Group’s senior facilities or (ii) the date on which the senior liabilities have been discharged in full. For the purpose of this agreement, the Group’s senior facilities comprise the Term Loan B and the revolving credit facility entered into as part of the refinancing completed in June 2025, as further described in Note 4.4.
For the year ended December 31, 2025, 2024 and 2023, these potential shares were anti-dilutive and therefore excluded from the calculation of diluted EPS.
Under the management incentive plan, certain members of the management hold Phantom Units that may be settled in listed shares of the Company upon the occurrence of an IPO event. As at the reporting date, the IPO event had not occurred, and the shares were contingently issuable. Accordingly, they were not included in diluted earnings per share for 2025, 2024 and 2023, as they were anti-dilutive.
in EUR m | 2025 | 2024 | 2023 |
Other operating income | 41.0 | 91.0 | 50.1 |
Total other operating income | 41.0 | 91.0 | 50.1 |
in EUR m | 2025 | 2024 | 2023 |
Utility and other property costs | (257.6) | (246.7) | (232.9) |
Operating fees and deductions | (86.1) | (93.0) | (93.9) |
Lease related expenses (Note 3.7) | (19.0) | (19.9) | (16.5) |
Maintenance costs | (140.5) | (129.8) | (115.6) |
Audit, consulting and legal fees | (56.7) | (54.8) | (51.6) |
IT and communication costs | (88.1) | (89.9) | (83.4) |
Administrative and operative costs | (68.4) | (69.5) | (57.9) |
Transport and travel costs | (24.6) | (22.4) | (19.7) |
Restructuring costs, net | (1.9) | (0.8) | (2.8) |
Change in allowance for expected credit losses trade and other receivables | 5.4 | 3.5 | (16.7) |
Insurance costs | (25.2) | (18.8) | (19.2) |
Outsourced service costs | (12.4) | (14.6) | (13.0) |
Other operating taxes | (14.1) | (19.5) | (9.6) |
Change in onerous contract provision (Note 3.10) | 1.2 | 1.8 | 2.0 |
Other operating costs | (33.4) | (38.7) | (20.1) |
Total other operating expenses | (821.4) | (813.1) | (750.9) |
Other operating income mainly comprises rental income from properties and other operating income from the release of provisions.
in EUR m | 2025 | 2024 | 2023 |
Gain on sale of assets | 2.4 | 0.3 | 6.0 |
Loss on sale of assets | (1.8) | (0.6) | (1.8) |
Gain on disposal and liquidation of subsidiaries | 2.3 | 0.4 | - |
Loss on disposal and liquidation of subsidiaries | (0.5) | (1.5) | (2.0) |
Loss on impairment of associates (Note 7.2) | (1.1) | (0.7) | (2.7) |
Total | 1.3 | (2.1) | (0.5) |
In 2025, EUR 2.2m of the gain on disposal and liquidation of subsidiaries relate to the sale of SIA Restauration Rapide Côte d’Ivoire SAS (Note 7.1). In 2024, EUR 0.4m of the gain on disposal and liquidation of subsidiaries related to the sale of SIA QSR Ghana Ltd and EUR 1.1m of the loss on disposal and liquidiation of subsidiaries related to the sale of SIA QSR Kenya Ltd (Note 7.1). In 2023, EUR 5.5m of the gain on sale of assets related to the sale and leaseback of property located in Belgium (Note 4.4) and EUR 1.7m of the loss on disposal and liquidation of subsidiaries related to the sale of Gate Gourmet Catering Bolivia S.A. (Note 7.1).