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Edenred (EDEN) investor relations material
Edenred H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 14.4% like-for-like EBITDA growth and confirmed all 2025 objectives, with strong top-line momentum across core business lines and geographies, especially in Mobility and Employee Benefits.
Operating revenue reached €1,339m, up 7.1% like-for-like, with double-digit growth in Mobility and Latin America, and acceleration in Benefits & Engagement in Q2.
Total revenue was €1,451m, up 6.4% like-for-like, and adjusted EPS rose 7.4% to €1.16.
Robust cash generation with FFO at €468m (+17% year-over-year); S&P reaffirmed the A- rating in April 2025.
Continued rollout of the Beyond 22-25 strategy, expanding digital platforms, strategic partnerships, and Beyond solutions.
Financial highlights
Operating revenue up 7.1% like-for-like to €1,339m; total revenue up 6.4% like-for-like to €1,451m compared to H1 2024.
EBITDA was €654m, up 14.4% like-for-like; EBITDA margin improved to 45.1%.
Adjusted EPS at €1.16, up 7.4%; net profit group share stable at €235m.
Funds from operations (FFO) at €468m, up 17% year-over-year; free cash flow negative at €118m due to seasonality.
Net debt at €2,351m as of June 30, 2025, up from €1,880m a year earlier, reflecting M&A and shareholder returns.
Outlook and guidance
2025 guidance confirmed: like-for-like EBITDA growth of at least 10% (minimum €1,340m) and free cash flow/EBITDA conversion above 70%.
Guidance includes a €60m negative EBITDA impact from merchant commission caps in Italy starting Q3 2025.
Management remains cautious due to macro uncertainties, especially in Europe, but confident in achieving targets.
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