Edenred : Résultats annuels 2024

Press release       

February 18, 2025

2024 annual results

The strategy of Edenred is bearing fruit and positioning the

Group on solid ground to enter 2025 with confidence

2024 ANNUAL RESULTS

At its meeting on February 17, 2025, the Board of Directors reviewed Edenred's consolidated financial statements for the year ended December 31, 2024.⁷

It is specified that the 2023 figures presented in this press release have been adjusted to allow a better comparison between the 2023 and 2024 fiscal years. 

This adjustment minimizes 2024 vs. 2023 operating revenue growth rates and has no impact on 2023 and 2024 EBITDA.

Indeed, in Brazil, since January 1, 2024, Edenred has replaced the discounts granted to clients with alternative benefits accounted for as operating expenses in accordance with Law No. 1442 of September 2, 2022. The 2023 figures have therefore been restated to reflect this new practice.

For the sake of transparency, the 2023 data as published are recalled in Appendix p.19 to p.21, along with the adjusted 2023 data and the variations between the 2023 and 2024 fiscal years according to these two sets of 2023 data.

Full-year 2024 key financial metrics: 

        •     Total revenue: €2,856 million

Total revenue for 2024 came to €2,856 million, up 12.2% as reported and 12.4% like-for-like compared with 2023. Reported growth includes a positive scope effect (+2.5%) and an unfavorable currency effect (-2.6%). 

For the fourth quarter of 2024, total revenue came to €779 million, up 7.5% as reported compared with fourth-quarter 2023. This year-on-year increase includes a positive scope effect (+1.8%), and a favorable currency effect (+2.2%) mainly due to Latin American currencies. 

⁷                       The audit procedures on the consolidated accounts have been carried out, and the certification report will be issued after the completion of the verification of the management report and the due diligence related to the electronic ESEF format of the 2024 accounts

⁸                       Amounting to €158 million, recognized in 2023

o Operating revenue: €2,609 million

Operating revenue rose 11.4% in 2024 on a reported basis, reflecting an 11.2% like-for-like increase, a positive scope effect (+2.7%) and an unfavorable currency effect (-2.5%) stemming mainly from Brazil, Mexico and Argentina. Excluding the contribution of Argentina hyperinflation, like-for-like growth was +10.4%.

For the fourth quarter of 2024, operating revenue totaled €719 million, up 8.5% year on year as reported. The scope effect was a positive 2.0 % and the currency effect was a positive 1.9%. Excluding the contribution of Argentina hyperinflation, like-for-like growth was +7.9%.   

Due to the devaluation of the Argentine peso in December 2023^[7], the impact of hyperinflation in Argentina on like-for-like growth in the Group's operating revenue was not linear during 2024. This hyperinflation had a positive impact of 0.7% on like-for-like growth in operating revenue over the year as a whole, but a negative 3.3% impact for the fourth quarter on its own.

The December 2023 devaluation of the Argentine peso resulted in a strongly positive currency effect of €34.9 million in fourth-quarter 2024, accounted for in accordance with IFRS Standards, which led to a cumulative negative currency effect of €6.1 million over the full year.

It is specified that Argentina only contributes for around 1% of the Group's total revenue.

•     Operating revenue by business line

Operating revenue for the Benefits & Engagement business line, accounting for 65% of the Group's total operating revenue, amounted to €1,702 million in 2024, up 14.9% year-on-year as reported (up 13.1%  like-for-like) in comparison with 2023.

This solid growth highlights the ongoing success of the digital Ticket Restaurant^® offering, which is attracting a growing number of companies across both large corporates and SMEs. In addition to meal vouchers, the performance of the Benefits & Engagement business line has been bolstered by the strong appeal of Beyond Food solutions. The Reward Gateway offer – which provides an effective way for companies to boost employee engagement, especially in today’s corporate landscape marked by the war for talent – is proving increasingly successful in its core markets (the UK, Australia and the USA), and has yielded promising results following its launch in France, Italy and Belgium.

However, Benefits & Engagement performance was weighed down – particularly towards the end of the year – by the non-renewal of the "consumption vouchers" program (temporary purchasing power bonus). The performance of the business line was also hindered  by a high basis of comparison for the fourth quarter of 2023 for the gift cards business, particularly in France.

In the fourth quarter of 2024, Benefits & Engagement operating revenue came to €483 million, up 10.4% as reported (+10.6% like-for-like) compared with fourth-quarter 2023. Excluding the "consumption vouchers" program in Belgium and gift card solutions, the increase in operating revenue in fourth-quarter 2024 for this business line was 13.7% on a like-for-like basis, outstripping growth for the previous two quarters and also coming in higher than the full-year growth figure of 13.1%.

In Mobility, which represents 24% of the Group’s total operating revenue, 2024 operating revenue amounted to €624 million, up 8.2% as reported (+11.3% like-for-like) versus 2023.

Operating revenue for fuel cards rose 7.5% like-for-like in 2024 (excluding the impact of hyperinflation in Argentina), representing a 2.7 point increase compared with the growth figure for 2023. One of the key drivers of this faster pace of growth was stronger penetration of the SME segment. In 2024 towards the end of the year, Edenred strenghtened its fuel cards offering in Europe through the acquisition of IP's energy cards business in Italy, which has propelled Edenred from sixth position in the Italian market to number two.

Simultaneously, the Group's Beyond Fuel strategy is proving effective as there is a growing adoption of these solutions in Brazil, Mexico and Europe. Additionally, with the acquisition of Spirii in May 2024, Edenred is now able to offer its customers eMobility solutions, which have already been rolled out in France and Germany through partnerships with key accounts such as Audi and Daimler. Overall, operating revenue for Beyond Fuel solutions grew by 14.9%^[8] on a like-for-like basis in 2024 (excluding the impact of hyperinflation in Argentina), i.e., 4.5 points higher than in 2023. This growth figure excludes the European VAT refund services business managed by EBV Finance (renamed Edenred Finance), which reported an operating revenue growth below Edenred standards in 2024.

In the fourth quarter of 2024, operating revenue for the Mobility business line totalled

€161 million, up 9.4% on a reported basis (down 9.2% like-for-like) compared with fourth-quarter

2023. Like-for-like performance in the fourth quarter of 2024 was heavily impacted by the devaluation of the Argentine peso in December 2023^[9] and the hyperinflationary environment in Argentina, the effects of which were accounted for in accordance with IFRS Standards.

The Complementary Solutions business line, which includes Corporate Payment Services, Incentive & Rewards and Public Social Programs, generated operating revenue of €283 million in 2024, accounting for 11% of the Group total. This was 0.6% lower than in 2023 as reported (but 0.7% higher like-for-like), with the reported decrease due to a disappointing performance for Edenred Pay North America (formerly CSI), a contraction in Incentive & Rewards business, and a high basis of comparison for Public Social Programs in Europe.

In the fourth quarter of 2024, operating revenue for Complementary Solutions amounted to €75 million, down 3.5% on a reported basis (-3.1% like-for-like) compared with the fourth quarter of 2023, as the above-mentioned effects were more pronounced in the fourth quarter than in the previous quarters.

•     Operating revenue by region

In Europe, operating revenue totaled €1,582 million in 2024, a year-on-year increase of 10.3% as reported and 7.9% like-for-like. Europe represented 61% of Group operating revenue.

Fourth-quarter 2024 operating revenue in Europe was €441 million, up 6.3% as reported (+4.2% like-for-like) versus the same period of 2023. The slowdown in growth in the fourth quarter was

mainly due to the non-renewal of the one-off "consumption vouchers" program in Belgium, a high basis of comparison for the gift cards business, particularly in France, and  within the Mobility business line, the performance of EBV Finance (renamed Edenred Finance).

In France, operating revenue totaled €361 million for the year, up 3.9% as reported (+5.7% like-for-like). This reflects a robust performance from the Benefits & Engagement business line, spurred by the commercial success of the Ticket Restaurant® offering and the solutions for work councils in France. However, the uncertain political context resulted in slower decision-making by some prospects in the second half of the year, particularly SMEs. Also, the high basis of comparison arising from the successful gift card campaign in the fourth quarter of 2023 weighed on growth towards the end of 2024. Mobility solutions continue to enjoy strong demand, thanks to the business line's unparalleled range of energy cards providing access to a unique network of service stations across the country. Performance in France was also hindered by the discontinuation of the CESU social services, and a disappointing performance of the Incentive activity aimed at the sales forces of Edenred’s clients.

In the fourth quarter, operating revenue in France reached €105 million, up 3.5% on the same period of 2023, both as reported and like-for-like. Year-on-year growth for fourthquarter 2024 was hindered by a high basis of comparison for the gift cards business. 

Operating revenue in Europe (excluding France) totaled €1,221 million in 2024, representing a year-on-year increase of 12.4% as reported (+8.6% like-for-like), driven by the acquisitions of Reward Gateway and Spirii in May 2023 and May 2024 respectively. This growth reflects strong sales momentum for Benefits & Engagement solutions, both for the Ticket Restaurant^® digital offering and for employee engagement solutions. Reward Gateway recorded solid growth, and the offering was extended during the year to Belgium and Italy (on top of France), where initial take-up has been encouraging. However, the high basis of comparison due to the non-renewal of the "consumption vouchers" program in Belgium weighed on growth at the end of 2024. The Mobility business line saw good momentum for its multi-energy card offering, and

Beyond Fuel solutions continued to prove successful, apart from the VAT refund services. 

Fourth-quarter 2024 operating revenue in Europe excluding France came in at €336 million, up 7.1% as reported (+4.4% like-for-like) compared with the fourth quarter of 2023. While the Group's activities once again fared well in Southern Europe, growth was lower in Northern Europe due to this region's weaker economic environment, particularly in Germany. Fourth-quarter performance was also affected by the high basis of comparison stemming from the non-renewal of the "consumption vouchers" program in Belgium and the impact of EBV Finance’s (renamed Edenred Finance) lower operating revenue. Excluding the impact of “consumption vouchers” program in Belgium and EBV Finance, like-for-like growth was +6.5%.

In Latin America, operating revenue totaled €769 million in 2024, up 10.1% as reported (+15.4% like-for-like) compared with 2023. Excluding the contribution of Argentina hyperinflation, likefor-like growth compared with 2023 was +12.9%. Latin America represented 29% of total consolidated operating revenue in 2024.

In the fourth quarter, the region’s operating revenue came to €207 million, up 9.6% as reported (+2.7% like-for-like) versus fourth-quarter 2023. Excluding the impact of hyperinflation in Argentina, like-for-like growth compared with fourth-quarter 2023 would have been +14.3%, indicating a growth acceleration compared to previous quarters.

In Brazil, operating revenue rose by 9.8% like-for-like in 2024 versus 2023. Benefits & Engagement recorded double-digit growth led by the robust sales performance of meal vouchers in both the large corporates and SME segments, propelled by the growing revenue contribution from the partnership with Itaú Unibanco. In addition, the Beyond Food solutions offering was expanded during the year with the acquisition of RB, allowing Edenred to become the leader on the employee transport benefits market.

The Mobility business line also contributed to Brazil's good performance, driven by the strong results of Beyond Fuel solutions (maintenance management, e-toll solutions and freight payment).

In the fourth quarter of 2024, operating revenue grew by 10.0% overall in Brazil versus the same period of 2023.

In Hispanic Latin America, operating revenue advanced 28.4% on a like-for-like basis, reflecting a steady performance in Mexico in all three business lines, as well as the contribution of a public contract won in Chile. 

In the fourth quarter, operating revenue for Hispanic Latin America contracted by 16.3% like-for-like versus fourth-quarter 2023, but excluding the impact of hyperinflation in Argentina, it would have risen by 24.9%.

Operating revenue in the Rest of the World, which accounts for 10% of the Group total, amounted to €258 million in 2024, representing a year-on-year increase of 22.7% as reported and 19.7% like-for-like. This performance was driven in particular by robust momentum in the United Arab Emirates and a good performance by Reward Gateway in Australia.

Fourth-quarter 2024 operating revenue for the Rest of the World advanced 20.8% as reported, and 13.1% like-for-like, to €71 million.

 o Other revenue: €247 million 

Other revenue represented €247 million in 2024, a rise of 22.0% as reported (up 26.2% like-forlike). This sharp increase was due to the impact of the Group's business growth on the float^[10], as well as higher average interest rates than the previous year.

In the fourth quarter of 2024, other revenue totaled €60 million, down 3.0% as reported (-8.0% like-for-like), reflecting the impact of interest rate cuts observed in the eurozone.

• Record EBITDA: €1,265 million

Buoyed by the strong growth in total revenue, EBITDA reached a record high of €1,265 million in 2024, corresponding to the middle of the guidance range announced in July 2024^[11] and this, despite less favorable exchange rates than the assumptions made at that time. EBITDA shows a  growth of 15.7% as reported and 19.0% like-for-like. The EBITDA margin was 44.3%, up 1.3 points as reported (+2.5 points like-for-like) versus 2023.

The year-on-year increase in EBITDA margin was driven by a 1.0 point rise in operating EBITDA margin (up 1.3 points like-for-like) to 39.1%, reflecting the operating leverage inherent in Edenred's platform model. 

• Record net profit, Group share: €507 million

Net profit, Group share, came in at a record high of €507 million for 2024, up 19.3% on the 2023 figure of €425 million (excluding the French Antitrust Authority fine).  

The 2024 figure includes €213 million in net financial expense (versus a €172 million net expense in 2023). This €41 million year-on-year increase was attributable to the rise in interest rates, which impacted the cost of debt. 

Net profit for 2024 also included other income and expenses representing a net expense of €28 million (versus a €37 million net expense in 2023 excluding the French Antitrust Authority fine),  an income tax expense of €254 million (versus a €226 million expense in 2023), and €38 million attributable to non‑controlling interests (versus €41 million in 2023).

• Strong cash flow generation

Edenred delivered a record-high €870 million in funds from operations before other income and expenses (FFO) in 2024, an increase of 19.2%.

The increase in the float, driven by the growth momentum recorded by the Benefits & Engagement business line, also contributed to cash generation over the year.

In 2024, Edenred continued to invest in its platform to fuel the Group's sustainable and profitable growth and lengthen its technology lead. Capital expenditure therefore amounted to €217 million, or 7.6% of Group total revenue.

In all, free cash flow was €881 million in 2024^[12], reflecting a free cash flow/EBITDA conversion rate of 70%. Including the negative impacts on free cash flow generation of €32 million due to a change in regulations that affected the freight payment business in Brazil, and €17 million related to Spirii's business, free cash flow came to €832 million.

• A solid financial position

At December 31, 2024, Edenred had net debt of €1,806 million, versus €1,100 million at endDecember 2023. The year-on-year increase includes the impact of the acquisitions carried out by Edenred in 2024 for a total of €510 million to safeguard its growth and expand its Beyond Food and Beyond Fuel activities. It also takes into account €664 million in shareholder returns, a €224 million unfavorable currency effect, and unfavorable non-recurring items (including the impact of IFRS 16) totaling 120 million euros. 

Edenred enjoys a robust financial position with a high level of liquidity and a solid balance sheet. In December 2024, Standard & Poor's affirmed the Group's rating of A- (Strong Investment Grade) with a stable outlook.

At the end of 2024, the Group's cost of debt stands at 3.5%, compared to 3.4% in 2023.

• Commitment to ESG and extra-financial performance

Throughout 2024, Edenred continued to implement its corporate social responsibility policy, “Ideal”, which is aimed at improving quality of life (People), protecting the environment (Planet) and creating value ethically and responsibly (Progress). The Group once again progressed in its key extra-financial performance metrics in 2024. Under the People component, for example, 38% of executive positions are now held by women. Regarding its Planet goals, Scopes 1 and 2^[13] greenhouse gas emissions intensity has been reduced by 71% since 2013. Lastly, regarding the Progress pilar, 72% of users and merchants have now been made aware of sustainable nutrition or have access to alternative mobility solutions.

This good set of results mean that the Group is gaining increasing recognition for its commitment to environmental, social and governance (ESG) practices. Thus, Edenred has been included in the Dow Jones Sustainability Index (DJSI) for Europe and the World, and is part of the S&P Global Sustainability Yearbook for the fourth consecutive year.

Lastly, SBTI^[14] approved Edenred's carbon reduction targets in 2024, aiming to achieve its ambition of being net-zero carbon by 2050, marking a new milestone in the Group’s ESG strategy.

• Return to shareholders

o €1.21 dividend proposed for 2024

Edenred is proposing a dividend of €1.21 per share for 2024, representing a 10% increase compared with the prior year, in line with the Group’s policy of progressive dividend growth. This dividend will be submitted to shareholders for approval at Edenred’s Combined General Meeting on May 7, 2025. Payment of the dividend will be made solely in cash.

Dividend payment schedule:

-       June 10, 2025: Ex-date.

-       June 11, 2025: Record date.

-       June 12, 2025: Dividend payment date.

o Share buyback program

In March 2024, Edenred announced that it was launching a share buyback program representing a maximum amount of €300 million over a period of three years. Having used this program in full in 2024, and in view of its strong cash generation, Edenred announced in December 2024 that it was extending its share buyback program by a further amount of up to €300 million^[15] over another three-year period, with the aim of canceling the shares bought back.

This decision is in line with the Group's capital allocation policy, which aims to strike a balance between a continued high level of investment in technology, bolt-on acquisitions and attractive shareholder returns.

OUTLOOK 

Based on its strengthened business model, the intrinsic robust momentum of its two main business lines (Benefits & Engagement and Mobility), and the expected contribution of the acquisitions carried out during 2024, Edenred enters in 2025 with confidence, despite uncertain European economic conditions.

Thanks to a high retention rate and additional revenue layers such as customers' subscriptions to its platform, Edenred’s customer base gives it a very strong recurring revenue profile. Going forward, in order to continue growing its operating revenue, Edenred will be able to leverage its broader and more diversified business model, which will enable it to increase both its customer base and its revenue per customer.

Edenred's future performance will continue to rely on the Benefits & Engagement and Mobility business lines, which are both powerful growth drivers for the Group. Edenred has stepped into 2025 on a strong growth path for these two business lines, both for core activities (meal vouchers and fuel cards) and the extended offerings of Beyond Food and Beyond Fuel solutions.

The acquisitions carried out in 2024 (RB in Brazil, Spirii in Europe and IP's energy card business in Italy), as well as the strategic move of combining Edenred's assets in the Brazilian freight payment market with those of PagBem, will be additional sources of growth for the Group in 2025 and beyond.

In particular, the acquisition of Spirii, a leading European SaaS electric vehicle charging platform, has broadened Edenred's value proposition in hybrid and full-electric fleet management, rounding out the Group's Beyond Fuel offering. Spirii's technology and services are already up and running in France and Germany, having been rolled out in May 2024, and new partnerships with automakers such as Audi and Daimler have recently been signed. The acquisition of IP's energy card business, which includes a portfolio of around 50,000 B2B customers, means that Edenred is now the second-largest player in the Italian market. The integration of IP's energy card customers into the Edenred UTA digital platform will generate significant cross-selling opportunities and business synergies from 2025.

Beyond these growth levers, Edenred has put in place a plan to improve the performance of some of its businesses whose growth was below the Group's standards in 2024. Edenred intends to launch a new gift solution in France in 2025, based on its Edenred+ platform, in order to strenghten its Benefits & Engagement portfolio. Edenred also plans to revamp its incentive offering within Complementary Solutions. 

Futhermore, following a disappointing performance in 2024 from its B2B payment solutions business in the United States, the Group made executive changes at Edenred Pay North America (formerly Edenred CSI), and introduced a roadmap focused on operational excellence and the redesign of its product offering, in order to capture the potential that this market has to offer. 

Finally, Edenred has begun a rationalization of its business portfolio, which has already led to the decision to gradually exit part of Edenred Paytech's B2C activities with fintechs (Banking as a Service), while the activities related to Public Social Programs in Europe will be carefully reviewed.

Determined to further optimize its cost base, Edenred has launched a program called "Fit for

Growth" aimed at slowing the increase in its operating expenses. As part of this program, measures will be put in place to improve the operating efficiency of processes, and shared services centers will be set up for support functions.

Based on a combination of revenue growth and a higher operating margin, Edenred confirms its full-year 2025 target of achieving at least a 10% increase in EBTIDA on a like-for-like basis, despite uncertain European economic conditions. This target takes into account the expected €60 million negative impact on EBITDA related to the implementation of a cap of 5% on the commissions for meal vouchers paid by merchants in the private sector in Italy^[16].

The Group is also standing by its target of an EBITDA to free cash flow conversion rate of over

70%^[17].

SIGNIFICANT EVENTS IN THE FOURTH QUARTER

• Edenred invests in the Shift4Good fund to support the emergence of smarter, more responsible mobility  

On October 8, 2024, the Group announced that it was stepping up its open innovation approach in the mobility sector by investing in the Shift4Good fund. This investment is part of Edenred’s Beyond Fuel strategy, which aims at developing new solutions to become the benchmark platform for sustainable professional mobility.

• The SBTi approves Edenred's 2030 and 2050 carbon emission reduction targets  

On October 10, 2024, the Group’s targets for reducing greenhouse gas emissions were approved by the Science Based Targets initiative. These ambitious targets put Edenred on a trajectory in line with the Paris Agreement objective of limiting global warming to +1.5°C above pre-industrial levels. 

• Share capital decrease by way of treasury shares cancellation

On October 21, 2024, the Group announced that during the meeting on October 18, 2024, the Board of Directors, upon authorization of the General Meeting of May 7, 2024, unanimously decided to decrease the share capital of Edenred SE by canceling 1,075,011 treasury shares, representing 0.44% of the share capital. Following this cancellation of shares, the number of shares of Edenred SE is 244,010,586 shares with a par value of €2.

• Edenred completes the acquisition of IP's energy cards business, becoming a leader in B2B Mobility services in Italy

On December 3, 2024, Edenred successfully finalized the acquisition of IP's energy cards business, encompassing a portfolio of around 50,000 B2B customers. The acquisition project was originally announced on March 26, 2024 and the transaction also includes a long-term agreement with IP regarding the supply of fuel products. This partnership with Italy’s largest fuel retailer is a game changer for Edenred’s Mobility business in the country, Edenred becomes the number two in the B2B market for mobility solutions, positioning itself favorably to harness the transition to electric vehicles.

• Share capital decrease by way of treasury shares cancellation

On December 19, 2024, the Group announced that during the meeting on December 19, 2024, the Board of Directors, upon authorization of the General Meeting of May 7, 2024, unanimously decided to decrease the share capital of Edenred SE by canceling 2,036,606 treasury shares, representing 0.83% of the share capital. Following this cancellation of shares, the number of shares of Edenred SE is 241,973,980 shares with a par value of €2.

• Edenred joins the Dow Jones Sustainability Index (DJSI), celebrating a major sustainability milestone

On December 23, 2024, Edenred announced its inclusion in the prestigious Dow Jones Sustainability Index (DJSI) for Europe and the World, marking a significant achievement in the Group's commitment to sustainability.

SUBSEQUENT EVENTS

• Appointment to Edenred’s Executive Committee

On January 13, 2025, Philippe Doublet was appointed Edenred's Executive Vice President, Technology, succeeding Dave Ubachs. He took up his position and joined the Group’s Executive Committee on January 15, 2025.

• Share buyback mandate

On January 17, 2025, Edenred announced that it has entered into a new share buyback agreement with an investment services provider (ISP) as part of the extension of its share buyback operation announced on December 3, 2024 for a maximum amount of €600 million until March 2027. 

This mandate, for an initial total maximum amount of €50 million, will run until May 15, 2025, with the intention of extending it until November 30, 2027 for an amount corresponding to €300 million less the amount actually bought back under the terms of this mandate. 

As of January 17, 2025, 8.1 million shares had already been bought back under the share buyback program, for a total consideration of €300 million.

▬▬

The consolidated accounts for the fiscal year ending December 31, 2024, have been published and include the summary statements, notes, and updates on risks. They are available in French and English on Edenred's website (www.edenred.com) under the investorsshareholders/financial-results section.

▬▬

UPCOMING EVENTS

April 16, 2025: First-quarter 2025 revenue

May 7, 2025: General Meeting

July 23, 2025: First-half 2025 results

October 14, 2025: Third-quarter 2025 revenue

November 4, 2025: Capital Markets Day in Paris

▬▬

About Edenred

Edenred is a leading digital platform for services and payments and the everyday companion for people at work, connecting more than 60 million users and more than 2 million partner merchants in 45 countries via 1 million corporate clients.

Edenred offers specific-purpose payment solutions for food (such as meal benefits), engagement (such as gift cards and engagement platforms), mobility (such as multi-energy solutions, including EV charging, maintenance, toll and parking) and corporate payments (such as virtual cards). 

True to the Group's purpose, "Enrich connections. For good.", these solutions enhance users’ well-being and purchasing power. They improve companies’ attractiveness and efficiency, and vitalize the employment market and the local economy. They also foster access to healthier food, more environmentally friendly products and sustainable mobility.

Edenred’s 12,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more responsible every day.

In 2024, thanks to its global technology assets, the Group managed close to €45 billion in business volume, primarily carried out via mobile applications, online platforms and cards.

Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC 40, CAC 40 ESG, CAC Large 60, Euronext 100, Euronext Tech Leaders, FTSE4Good, DJSI Europe Index, DJSI World Index, and MSCI Europe.

The logos and other trademarks mentioned and featured in this press release are registered trademarks of Edenred S.E., its subsidiaries or third parties. They may not be used for commercial purposes without prior written consent from their owners.

▬▬

CONTACTS

Lucie Morlot

(Toll-free number from France): 0,805,652,662  relations.actionnaires@edenred.com

APPENDICES

Glossary and list of references needed  for a proper understanding of financial information

a) Main terms 

                        •     Like-for-like, impact of changes in the scope of consolidation, currency effect:

Like-for-like or organic growth corresponds to comparable growth, i.e., growth at constant exchange rates and scope of consolidation. This indicator reflects the Group's business performance. 

Changes in activity (like-for-like or organic growth) represent changes in amounts between the current period and the comparative period, adjusted for currency effects and for the impact of acquisitions and/or disposals. 

The impact of acquisitions is eliminated from the amount reported for the current period. The impact of disposals is eliminated from the amount reported for the comparative period. The sum of these two amounts is known as the impact of changes in the scope of consolidation or the scope effect.

The calculation of changes in activity is translated at the exchange rate applicable in the comparative period and divided by the adjusted amount for the comparative period. 

The currency effect is the difference between the amount for the reported period translated at the exchange rate for the reported period and the amount for the reported period translated at the exchange rate applicable in the comparative period.

•       Business volume:

Business volume comprises total issue volume of Benefits & Engagement solutions, Incentive and Rewards, Public Social Program solutions and Corporate Payment Services, plus the transaction volume of Mobility Solutions and other solutions.

•       Issue volume:

Issue volume is the total face value of the funds preloaded on all of the payment solutions issued by Edenred to its corporate and public sector clients. 

•       Transaction volume:

Transaction volume represents the total value of the transactions paid for with payment instruments, at the time of the transaction.

b) Alternative performance measurement indicators included in the 2024 Financial Report

The alternative performance measurement indicators outlined below are presented and reconciled with accounting data in the Annual Financial Report.

c) Alternative performance measurement indicators not included in the December 31,

2024 Interim Financial Report

2023 figures published and adjusted^[18]  (in € millions)

Adjusted operating revenue^[19]

Adjusted total revenue^[20] 

Operating revenue

Operating revenue 

(with LFL growth excluding hyperinflation in Argentina)

•       Operating revenue by business line

•       Operating revenue by region

Other revenue

Total revenue

EBITDA and EBIT

Summarized balance sheet

From Net profit, Group share to Free Cash Flow