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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Edenred
Edenred (EDEN) investor relations material
Edenred H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary24 Feb, 2026
Executive summary
Achieved record 2025 commercial and operating performance, surpassing guidance for EBITDA growth and free cash flow conversion, with operating revenue up 6.2% like-for-like and EBITDA margin reaching 45.9%.
EBITDA grew 11.2% like-for-like versus 2024, exceeding the >10% target, and adjusted EPS rose 10% to €2.59.
Free cash flow conversion reached 82%, up 12 points, and net debt reduced by 31% to a leverage ratio of 0.9x.
Shareholder returns included €125 million in buybacks and a proposed dividend of €1.33 per share (+10%), with total returns of €463 million.
Growth strategy leverages digital, AI, and platform efficiencies to increase users and value per user.
Financial highlights
Total revenue reached €2.961 billion, up 7.6% like-for-like (excluding Italian regulation impact); reported growth was 3.7% due to FX headwinds.
Operating revenue was €2.732 billion, up 6.2% like-for-like; EBITDA was €1.36 billion, up 11.2% like-for-like, with margin at 45.9%.
Free cash flow increased 34% year-over-year to €1,111 million, driven by record funds from operations and disciplined cash collection.
Net profit (Group share) was €521 million, up 2.8%; adjusted EPS at €2.59 (+10%).
CapEx was €198 million (6.7% of revenue), down €20 million year-over-year.
Outlook and guidance
2026 is a rebasing year due to regulatory changes in Italy and Brazil, with guidance for EBITDA growth between -8% and -12% like-for-like.
Excluding regulatory impacts, intrinsic EBITDA growth expected at 8%-12% for 2027 and 2028.
Free cash flow to EBITDA conversion expected to return to 65%+ from 2027.
Long-term ambition to reach €5 billion in total revenue by 2030.
Strategic plan Amplify 25-28 launched to support growth.
Explain 2026 intrinsic EBITDA growth drivers
How will Data & AI investments boost ARPU?
What drives Mobility's strong double-digit growth?
Explore the 'third avenue' for Brazil decree
Detail 2026 OpEx acceleration drivers
How does 0.9x leverage impact capital allocation
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Next Edenred earnings date
Q1 2026 TU23 Apr, 2026
Edenred
Next Edenred earnings date
Q1 2026 TU23 Apr, 2026
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Frequently asked questions
Edenred SA is a France-based company specializing in payment solutions and services designed for the working world. The company offers products such as employee benefits (meal vouchers, gift cards), fleet and mobility solutions (fuel cards, toll payments), and corporate payment services (virtual cards, expense management). Edenred serves businesses, employees, and merchants across multiple industries, enabling efficient, secure, and innovative transactions. The company is headquartered in Issy-les-Moulineaux, France, and its shares are listed on the Euronext Paris.
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