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.