With EBITA up by 144% and a faster pace of deleveraging

Today, Elior Group (Euronext Paris – ISIN: FR 0011950732), a world leader in catering and multiservices, is releasing its unaudited results for the first half of the 2023-2024 fiscal year (six months ended March 31, 2024).

Initial benefits from our strategy implemented since April 2023
A more agile and efficient Group
A return to profitability and growth momentum back on track
Robust business development, led by strong customer relations and contract performance
Costs streamlined
Ongoing deleveraging 

Solid results for the first half of fiscal 2023-2024
€3,123 million in consolidated revenue, representing 5.9% organic growth
A more-than twofold increase in adjusted EBITA to €100 million from €41 million a year earlier; adjusted EBITA margin up 150 basis points to 3.2%
A positive €169 million in free cash flow versus a negative €15 million a year earlier
A €137 million reduction in net debt during the period
Leverage ratio (net debt/adjusted EBITDA) of 4.1x, i.e., below the 5.25x set for the covenant test

Outlook for full-year 2023-2024
Organic revenue growth between 4% and 5%
Adjusted EBITA margin of at least 2.5%
Leverage ratio (net debt/adjusted EBITDA) around 4.0x at September 30, 2024

Commenting on these results, Daniel Derichebourg, Elior Group’s Chairman and CEO, said:

“Against a backdrop of market uncertainty, Elior delivered a solid performance in the first half of fiscal 2023-2024. We’ve returned to operating profitability and have removed sources of losses within several strategic contracts. Our business development was robust and we won and renewed major contracts during the period. We also continued to deleverage the Group. Our revenue and organic growth are trending upwards, both overall and for our businesses individually, as are our EBITDA and profit margin. These are all signs that our recovery is continuing at a good pace, even though there's still some way to go.

Our first-half 2023-2024 results are the outcome of the structural changes we’ve been putting in place since April 2023 following the alliance between Elior and Derichebourg Multiservices. The intense efforts we’ve made are beginning to pay off and we plan to steadily and rigorously pursue them going forward. In view of all of these factors, I have every confidence in our ability to carry on down the path of profitable and sustainable growth. I’d like to take this opportunity to thank all of our teams for their hard work and all of our stakeholders – both internal and external – for their unwavering support.”