Elior Group 1H26 Results and Guidance Downgrade

Elior reported 1H26 results that missed organic growth and margin targets, leading to a comprehensive downgrade of FY26 guidance. Goldman Sachs maintains a Neutral rating with a €2.95 price target, noting concerns about delayed deleveraging and inflation headwinds.

Key Takeaways

• 1.Elior missed 1H26 expectations across all major KPIs, including organic growth (1.3% vs. 2.8% consensus) and adjusted EBITA margins (3.0% vs. 4.2% consensus).
• 2.Management downgraded FY26 guidance for organic growth, EBITA margins, and leverage, citing slower mobilisation of new business and higher cost inflation.
• 3.EBITA was heavily impacted by a €25mn provision related to a dispute on an Italian rail contract, though underlying margins also missed targets.

Table of Contents

• Results summary
• Valuation and risks
• Investment thesis
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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