Edenred (EDEN) investor relations material

Executive summary

• 9M 2026 operating revenue was €2,027m, up 7.6% intrinsically; Q3 intrinsic growth was 6.6%, led by double-digit Mobility growth and mid-single-digit Benefits & Engagement growth excluding regulatory impacts.

• 2026 is a rebasing year as Italy and Brazil Meal & Food regulatory changes weigh on reported growth; FY 2026 guidance was reaffirmed.

• 2027–28 targets call for 8%–12% annual like-for-like EBITDA growth and at least 65% free cash flow/EBITDA conversion.

Financial highlights

• 9M total revenue was €2,198m, up 1.0% reported and 0.6% like for like; operating revenue was €2,027m, up 1.1% reported and 0.6% like for like.

• Q3 total revenue was €725m, flat reported and down 1.3% like for like; operating revenue was €667m, flat reported and down 1.2% like for like.

• 9M other revenue was €171m, stable reported (+0.3%) and up 0.1% like for like; Q3 other revenue was €58m, down 0.8% reported.

• Q3 reported total revenue reflected a negative 0.9% scope effect and positive 2.1% currency effect; 9M effects were -0.5% and +0.8%, respectively.

Outlook and guidance

• FY 2026 EBITDA like-for-like growth guidance remains -10% to -7%, equivalent to ~€1,220m–~€1,260m after Q3 scope effects and at June 30, 2026 exchange rates.

• FY 2026 free cash flow/EBITDA conversion target remains at least 35%, on a comparable-regulations and methodology basis.

• FY 2026 other revenue is expected to reach at least €210m, subject to FX evolution.

• 2027–28 annual EBITDA like-for-like growth is targeted at 8%–12%, with free cash flow/EBITDA conversion of at least 65% at constant regulations and methodology.

• Q4 intrinsic growth is expected to follow a trend similar to Q3; gift campaign performance, employment, existing-client volumes and macro conditions remain key variables.